An economic model consists of mathematical equations that describe various relationships between economic variables.
Answer the following statement true (T) or false (F)
True
Rationale: FEEDBACK: An economic model consists of mathematical equations that describe various relationships between economic variables.
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When inflation occurs, net exports will
A. increase as imports decrease. B. increase as exports increase. C. decrease as imports decrease. D. decrease as imports increase.
When the price of headphones decreases by 12 percent, the quantity that sellers are willing and able to sell decreases 16 percent. This example shows price elasticity of ______.
a. deflation b. revenue c. supply d. demand
What is the lowest value the 80/20 ratio can take?
A. -1 B. 100 C. 1 D. 0
Daily Output of Russia and Panama?RussiaPanamaGloves 40240Hats120180
Refer to Table 18.1. The opportunity cost of a hat in Russia is:
A. 1/3 of a glove. B. 1/2 of a glove. C. 2 gloves. D. 3 gloves.