Economic models do all of the following except
A) simplify some aspect of economic life.
B) answer economic questions.
C) make economic ideas explicit and concrete for use by decision makers.
D) portray reality in all its minute details.
D
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What characteristic of monopolistic competition may help to offset the inefficiency of this market structure?
A) Free entry and exit imply that firms produce at minimum long-run average cost. B) Consumers may value the product diversity that allows them to choose from a wide variety of differentiated products. C) Consumers may feel better about the inefficiency if they know that firms earn zero profits. D) Consumers may prefer this outcome to monopoly or monopsony.
The average cash income of nonpoor two-parent families with children is more than six times greater than for poor two-parent families
Indicate whether the statement is true or false
The members of the Federal Open Market Committee are
A. the seven members of the Fed's Board of Governors and five of the Federal Reserve bank presidents. B. the Treasury secretary, the head of the Federal Deposit Insurance Corporation, and the Comptroller of the Currency. C. the President, the Speaker of the House of Representatives, and the Senate Majority Leader. D. the five top officials at the Federal Reserve Bank of New York's Trading Desk.
Who among the following is included in the labor force?
A. A retired commander of the armed forces. B. A man doing 10 years in prison for armed robbery. C. The president of Microsoft. D. A hardworking homemaker who does not want to be employed outside the home.