A theory is an abstract representation of reality. This means a theory
A) is descriptive of the way the world is.
B) is an unrealistic representation of reality.
C) omits certain factors when trying to explain something.
D) is usually expressed in professional jargon.
E) none of the above
C
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Use the figure above to answer this question. At a price level of 90
A) people will be forced to cut consumption so that aggregate demand will decrease. B) the aggregate quantity demanded exceeds real GDP and inventories will decrease. C) inventories increase and firms will increase production. D) the aggregate quantity demanded exceeds real GDP, inventories increase and the price level will rise.
The figure above shows the market for umbrellas in Sunville. When the market for umbrellas in Sunville is in equilibrium, what is the total surplus?
A) $0 B) $12,000 C) $24,000 D) $16,000
Which of the following is NOT a reason for rising health care expenditures in the United States over the last 40 years?
A) aging of the population B) technological change C) third-party financing of health care expenditures D) discovery of new diseases
De Beers became a monopoly by:
a. use of technological superiority. b. establishing control over diamond mines. c. ownership of a patent. d. use of economies of scale.