The more complex a model is, the easier it is to arrive at a conclusion.
Answer the following statement true (T) or false (F)
False
Each new relationship in a complex model involves adding an additional level of technical difficulty.
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Answer the following statement true (T) or false (F)
1) Extensive network effects may drive a market toward natural monopoly because consumers tend to choose a common, standard product that everyone else is using. 2) Price discrimination occurs whenever a firm sells a good for two different prices. 3) Price discrimination will result in consumers with more elastic demand purchasing more of the good than when a single price is charged to all consumers in the market. 4) Successful price discrimination requires that buyers charged the different prices be physically separated. 5) Price discrimination is illegal in the United States under antitrust regulations.
Refer to Scenario 19.1 below to answer the question(s) that follow. SCENARIO 19.1: An individual earning $60,000 pays $12,000 in taxes. The marginal tax rate on any income earned above $60,000 is 25%. Refer to Scenario 19.1. When this person earns $70,000, her average tax rate is
A. 20.7%. B. 22.5%. C. 25%. D. indeterminate from this information.
According to the Rule of 70, if a country grows at 2.0 percent per year instead of 1.5 percent per year, how many fewer years will it take to double its level of real GDP?
A) It will take 11.6 years fewer. B) It will take 35 years fewer. C) It will take 58.3 years fewer. D) It will take 20 years fewer. E) It will take 17.9 years fewer.
Ceteris paribus, how does an expansion in the United States affect U.S. net exports?
What will be an ideal response?