An economic model is a:
A. realistic version of an economic environment.
B. detailed version of an economic issue.
C. fictional representation of an entire economy.
D. simplified representation of an economic environment.
Answer: D
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Under the right circumstances, what resource could be used in the production of gasoline?
A) Rosary beads B) A telephone operator C) Olive oil D) Computers E) All of the above.
Today's supply curve of dorm rooms on campus is likely to be
a. downward sloping b. relatively flat c. vertical d. horizontal e. price elastic
Deflation means a decrease in:
a. homes, autos, and basic resources. b. the prices of all products in the economy. c. the general level of prices in the economy. d. the rate of inflation.
Courts often estimate the value of human life on the basis of a person's earnings over that person's remaining life span.
Answer the following statement true (T) or false (F)