Economic models are used by economists to
A. Explain economic behavior.
B. Develop economic policies.
C. Predict economic behavior.
D. All of the choices are correct.
Answer: D
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Assume that average labor productivity is the same in each country. Based on the information in the table, which country has the smallest real GDP per capita?CountryPopulation (millions)Share of Population Employed (%)A10060B15055C7550D25045E9540
A. Country B B. Country D C. Country A D. Country E
Unions and employers use collective bargaining to negotiate
a. wages only b. wages and employee benefits only c. employee benefits only d. working conditions only e. wages, employee benefits, and working conditions
An increase in interest rates will cause
A. AS to increase (move down and to the right). B. AD to increase (move to the right). C. AD to decrease (move to the left). D. AS to decrease (move up and to the left).
Macroeconomics first developed as a new subfield of economics:
A. as a result of Adam Smith's publication of The Wealth of Nations in 1776. B. in response to the severe economic hardships of the Great Depression. C. when Adolf Hitler ordered economists to learn more about national economies. D. following the oil price increases of the 1970s.