Economic models
a. are people who act out the behavior of firms and households so that economists can study this behavior.
b. are usually detailed replications of reality.
c. incorporate simplifying assumptions that often contradict reality, but also help economists better understand reality.
d. are useful to researchers but not to teachers because economic models omit many details of the real-world economy.
c
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Which of the following occurred during the 20th century?
(a) The total U.S. population increased. (b) The percentage of foreign-born residents decreased, on average. (c) The median age fell. (d) All of the above occurred during the 20th century.
Rent controls a. are an example of price floors
b. are an example of price ceilings. c. destroy wealth by preventing the movement of apartments to higher-valued use. d. Both b and c
Susan Greenberg, who works in a typewriter factory, becomes unemployed because people start buying personal computers instead of typewriters. Susan can best be described as:
a. frictionally unemployed. b. structurally unemployed. c. cyclically unemployed. d. not part of the labor force. e. a discouraged worker.
Discuss the benefits of international trade and factors that lead to its growth.
What will be an ideal response?