A useful economic model
A. yields usable predictions and implications for the real world.
B. generates statements that are incapable of refutation.
C. represents every detail of the real world.
D. utilizes only the two most important factors to analyze the problem under consideration.
Answer: A
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Decision making that seeks only solutions that are acceptable is called
A. optimizing. B. satisficing. C. benchmarking. D. maximizing.
In 2014, real GDP per person in Bangladesh was
a. about 3 times as high as it was in the U.S. in 1870. b. about twice as high as it was in the U.S. in 1870. c. about the same as it was in the U.S. in 1870. d. less than it was in the U.S. in 1870.
If a country has saving of $2 trillion and investment of $1.5 trillion, then it has
a. a trade surplus and its net capital outflow = $.5 trillion. b. a trade surplus and its net capital outflow = -$.5 trillion. c. a trade deficit and its net capital outflow = $.5 trillion. d. a trade deficit and its net capital outflow = -$.5 trillion.
Between from 2002 through 2016 the Federal Reserve:
A. raised rates in order to follow the Taylor Rule. B. abandoned the Taylor Rule in favor of the Greenspan Rule. C. lowered rates and went against the Taylor Rule. D. left rates unchanged in order to follow the Taylor Rule.