One problem with constructing a perfectly complete realistic economic model is that
A) it would be too simplistic to have any value.
B) it would be far too complicated to analyze.
C) politicians see little value in such a model.
D) None of the above is true.
B
You might also like to view...
A Dutch auction is a(n) ________-bid auction in which participants ________ observe each participant's bids.
A) descending; do not B) ascending; do not C) descending; do D) ascending; do
A store is choosing between advertising a credit card fee or a discount for paying cash to its customers. More customers are likely to pay cash if the store owner advertises:
A. the credit card fee. B. the discount for paying cash. C. either one; since it's the same outcome, people won't care one way or another. D. neither one; since people are not likely to pay cash more regardless of how it's advertised.
Refer to the graph shown.
The poorest 50 percent of the families earn:
A. 19 percent of the income. B. 64 percent of the income. C. 6 percent of the income. D. 36 percent of the income.
The law of increasing opportunity cost says that:
A) opportunity costs of production always tend to increase. B) increases in wages cause increases in the opportunity costs of production. C) as output increases for one good on its production possibilities curve, the opportunity cost of additional units of the other good will be greater and greater. D) along a production possibilities curve, as output increases in the production of one good, the opportunity costs of additional units of the other good will be less and less.