Which of the following is the last step in the model-building process?
a. Develop a model based on simplified assumptions.
b. Collect data and test the model.
c. Identify the problem.
d. Formulate an assumption.
b
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If a good has a tax levied on it, sellers respond to the price that excludes the tax and not the price with the tax because
A) the tax is handed over to the state directly by buyers. B) sellers do not get to keep the tax revenue. C) the demand for the good has decreased. D) the quantity supplied of the good increases. E) demanders pay none of the tax.
In calculating GDP, we must
A) add the market value of imports and subtract the market value of exports. B) add the market value of exports and subtract the market value of imports. C) exclude net exports of goods and services (NX). D) add the value of the goods produced outside of the United States by American firms. E) subtract the market value of imports, because these goods are produced in a country other than the United States, and subtract the market value of exports, because these goods are consumed in a country other than the United States.
________ is the market structure in which there are a few rival firms
A) Perfect competition B) Monopolistic competition C) Monopoly D) Oligopoly
What percentage of personal income tax revenue was collected from the top 1 percent of earners in 2010?
a. less than 10 percent b. approximately 15 percent c. approximately 20 percent d. more than 35 percent