?Each economic model can be applied to many different real-world problems.
Answer the following statement true (T) or false (F)
True
Rationale: Once you become really comfortable with the way economists model behavior, it all really boils down to one single model, or at least one single conceptual approach.
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Waiting in line for a free ticket involves no opportunity cost.
Answer the following statement true (T) or false (F)
Considering the concept of cross-price elasticity, if two goods are complements:
A. an increase in the price of one will cause a decrease in the demand for the other. B. an increase in the price of one will cause an increase in the demand for the other. C. a decrease in the price of one will cause a decrease in the demand for the other. D. the cross-price elasticity is positive.
Because the natural rate of unemployment is not known precisely, policymakers who use it as a guide for policy must be
A) less aggressive with policy changes than they would be if they knew the value of the natural rate. B) more aggressive with policy changes than they would be if they knew the value of the natural rate. C) ready to change policy more quickly. D) aware of other data.
A true signal must
A) convey information only. B) convey information and direct the resource owners to act appropriately. C) convey information about the long-run future. D) explain in detail why something should be done.