Putting a decision into action is called?
a. Visualization
b. Implementation
c. Satisficing
d. Reactivity
B
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An economic model should capture
A) the essential relationships that help to analyze the problem. B) all possible variables that apply to the problem. C) only social value related variables. D) all of the above.
The legal reserve requirement that banks must adhere to is set by
a. Congress b. the FDIC c. the Treasury Department d. the banking system e. the Federal Reserve
Suppose that Bill and Ted use a tit-for-tat scheme to encourage cartel pricing and Bill chooses the low price for a single month. Bill and Ted will deviate from cartel pricing for two months.
Answer the following statement true (T) or false (F)
The percentage of total expenditure spent on a specific product is called
A. A budget. B. Core inflation. C. A market basket. D. The item weight.