Why is abstraction important in developing economic theories?
Economic theories cannot realistically include every event that has ever occurred. A theory weeds out the irrelevant facts from the relevant ones. An economic theory provides a broad view, not a detailed examination, of human economic behavior.
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Leadership is the process of persuasion or example by which an individual induces a group to pursue objectives held by the leader or his or her followers. This definition of leadership emphasizes ________ as an important characteristic of leadership.
A. motivation skills B. planning skills C. lobbying D. vision setting
Which of the following is NOT considered to be a benefit of unionism?
A) increased featherbedding B) greater workplace safety C) higher workforce stability D) provision of arbitration and grievance procedures
If everyone were taxed the same absolute amount, say $500, this tax would be considered
a. progressive b. a unit tax c. regressive d. excise e. cooperative
Most people base their current consumption spending at least partially on
a. short-run debt. b. long-run debt. c. long-run real interest rates. d. long-run income.