Economic models are NOT used to
A. explain economic phenomena.
B. understand economic phenomena.
C. predict economic phenomena.
D. describe all economic phenomena in finest detail.
Answer: D
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What is the relationship over the business cycle of potential GDP and real GDP?
What will be an ideal response?
When you produce cars, it is enormously expensive to produce one car, but ultimately the costs per car decrease as more are produced. This would be an example of:
A. decreasing marginal opportunity costs. B. constant marginal opportunity costs. C. increasing returns to scale. D. increasing marginal opportunity costs.
In the United States, which of the following is an example of a government-sponsored good?
A) wireless networks B) concerts C) cigarettes D) marijuana
The Phillips curve traces a set of combinations of rates of:
a. interest and unemployment. b. real GDP and inflation. c. real GDP and interest. d. inflation and interest. e. unemployment and inflation.