In what way does this map serve as an abstraction?
Zoom out to the highest level. How does this affect the level of abstraction?
When would each type of map be most useful? Generalize this argument by discussing the level of abstraction needed for alternative economic models.
The map is an abstraction because it is a simplification of reality that focuses only on those aspects that are most essential for the purpose at hand.
At a higher "zoom" level, the map is more abstract - containing less detail about the topography
A more detailed local map is most appropriate when trying to locate a particular address on a particular street. A less detailed map is more appropriate when one is only interested in the major highways that one must travel to get from one town or city to another. The student should somehow recognize that the level of detail in a model depends on what the model is trying to explain. If one wishes to construct a very general model that can be used to explain a wide variety of phenomena, a more abstract model is necessary. A more detailed, and less abstract, model is needed when someone wishes to explain a particular phenomenon in more detail.
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Income equality has
A) decreased in the United States as manufacturing has increased. B) narrowed within countries but increased across countries. C) increased within countries but has narrowed across countries. D) not changed in the advanced economies over the past 50 years. E) increased in developing economies as manufacturing has decreased.
According to Okun's law, if the cyclical unemployment rate increases by 3 percentage points, real GDP growth will decrease by about 3 percentage points
Indicate whether the statement is true or false
When demand is inelastic,
A) price and revenue move in opposite directions. B) price and revenue are not related. C) price and quantity demanded move in opposite directions. D) price and revenue move in the same direction.
Suppose that a labor market is initially in equilibrium. If the minimum wage is set above the initial equilibrium wage rate:
A. all workers in the labor market will be better off, receiving a higher wage per hour. B. the labor supply curve will shift to the right. C. the quantity demanded of labor will decrease along the given labor demand curve. D. All of these