A globe is a model. However, it lacks much of the detail that one would find on a map. Does that make the globe an inferior model? Why not?
What will be an ideal response?
No. The globe has a different purpose than a map. The details that are suppressed on a globe are simply not necessary for the objective that a globe was designed to serve. Including them would not enhance the power of the globe as a model but actually might get in the way.
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We draw the long-run aggregate supply curve as a vertical line to reflect the fact that
A) changes in the price level do not alter the level of long-run real GDP after full adjustment has occurred. B) an accurate depiction of the production possibilities curve is vertical after full adjustment has occurred. C) technology and resource endowments do not affect long-run real GDP after full adjustment has occurred. D) the productive capacity of the economy never changes after full adjustment has occurred.
A monopoly is a firm that produces a good or service for which no close substitute exists
Indicate whether the statement is true or false
During a war, a government will often draft people, most of whom are presently employed, into the army. An economist, computing the real cost of the war, would be sure to include which of the following items?
a. the value of the civilian goods no longer produced by the new soldiers b. the cost of feeding and clothing the new soldiers c. the dollar cost of the payroll d. the higher prices of civilian goods due to wartime shortages e. the cost of transporting the soldiers to combat
From an economist's perspective, an important consideration for policies to address global warming is:
A. The market for recyclable inputs B. The supply and demand for recycled products C. The marginal cost and marginal benefit of the policies D. A lawsuit that can arise from the enactment of the policies