Economists tend to judge a model based upon
A) the reality of its assumptions.
B) the accuracy of its predictions.
C) its simplicity.
D) its complexity.
B
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In monopolistic competition, firms do not have to produce innovative products because they have downward-sloping demand curves
Indicate whether the statement is true or false
The Fed-Treasury Accord of March 1951 provided the Fed greater freedom to
A) let interest rates increase. B) let unemployment increase. C) let inflation accelerate. D) let exchange rates increase.
Suppose that you borrow $10,000 for one year, and at the end of the year, you must repay $10,450. The interest rate is
A) 14.5 percent. B) 8.0 percent. C) 4.5 percent. D) 2.7 percent.
Most U.S. residents are taxed at marginal rates of _____ percent and _____ percent.
Fill in the blank(s) with the appropriate word(s).