Economic models are most often tested
A) using computer simulations.
B) using data from the distant past.
C) using data from the real world.
D) using logic alone.
C
You might also like to view...
If a nation restricts imports, it will:
A. benefit each individual citizen in that nation. B. decrease the total value of goods and services produced in that nation. C. increase the total value of goods and services produced in that nation. D. harm each individual citizen in that nation.
Efficient production can be carried out anywhere on or below the production possibilities frontier.
Answer the following statement true (T) or false (F)
The Personal Responsibility and Work Opportunity Act of 1996 ended the federal guarantee of cash assistance for ______________.
Fill in the blank(s) with the appropriate word(s).
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD3 the result in the long run would be:
A. P2 and Y2. B. P1 and Y2. C. P4 and Y2. D. P1 and Y1.