A map is an example of a model because a map
A. is two-dimensional.
B. realistically describes an area.
C. is a simplified representation of reality.
D. is always as complex as space will permit.
Answer: C
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The above figure depicts a
A) positive non-linear relationship between age and the number of hamburgers purchased per year. B) negative non-linear relationship between age and the number of hamburgers purchased per year. C) positive linear relationship between age and the number of hamburgers purchased per year. D) negative linear relationship between age and the number of hamburgers purchased per year.
Maurice Allais, Reinhard Selten, and Vernon Smith all were awarded the Nobel Prize in Economics in part because
A) they proved that external economies would lead to market failure. B) of their work on the substitution and income effects of price changes. C) of their work with experimental economics. D) they discovered the first example of a Giffen good.
Which of the following is most likely to result if the Congress passes the living wage law?
a. Cost-push inflation b. Demand-pull inflation c. Deflation d. Recession e. Stagnation
Nominal GDP is $10,000 billion in 2011, but real GDP is only $9,000. It follows that:
a. the GDP deflator is equal to 111 b. the GDP deflator is equal to 100. c. the GDP deflator is equal to 90. d. prices must have decreased relative to the base year.