Models must
A) be able to yield useable predictions.
B) be totally realistic in every detail.
C) be a complete reproduction of the real world.
D) include every relationship that exists.
Answer: A
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Federal Reserve regulations apply
a. to all banks in the United States b. only to member banks c. only to private commercial banks d. only to national banks e. only to state banks
When you find the answer to your problem but settle for something else is an example of the
a. implicit favorite model b. bounded rationality model c. econological model d. none of the above
Which of these is NOT an example of opportunity cost?
A. Lobster catchers in Point Judith, Rhode Island continued to trap lobsters at the cost of depleting the lobster population. B. President George W. Bush's administration has pushed for oil exploration in the Arctic National Wildlife Refuge in Alaska at the cost of environmental preservation. C. Lobster catchers in Port Lincoln, Australia paid a licensing fee for the right to own lobster traps. D. The "bridge to nowhere" to be built near Anchorage, Alaska comes at the cost of adding to the federal budget deficit.
China, the last large communist society,
A. has proved that a command economy has far less pollution problems than capitalist economies. B. has urban smog levels higher than Los Angeles. C. has the world’s most sophisticated pollution-control devices. D. has lowered its level of pollution dramatically since 1980.