Causation and Correlation are generally the same thing.
A. True
B. False
C. Uncertain
B. False
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Regarding economic models, which of the following statements is NOT true?
A. An economic model is a simplified representation of a theory or part of a theory. B. An economic model can provide clear answers for policy makers. C. An economic model can clarify an important economic problem. D. An economic model can show three-variable diagrams.
All of the following tends to occur when unemployment is above the natural rate EXCEPT:
A) wage increases will be limited B) inflation will rise C) increases in the cost of production will be limited D) there is slack in the labor market
Explain why foreign trade imbalances do not always create problems
If consumer incomes increase, the demand for product Y:
a. will necessarily remain unchanged b. will shift to the right if Y is a complementary good c. will shift to the right if Y is a normal good d. will shift to the right if Y is an inferior good