Because models are used to explain economic behavior
A) the assumptions must be complex while the models themselves are simple.
B) models must be complex.
C) models must be simple.
D) models can be either simple or complex so long as it explains economic behavior.
Answer: D
Economics
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Opportunity cost can best be defined as
A) the interest cost of financing a business loan at the bank. B) the value of all of the alternatives sacrificed. C) the value of the next-highest-ranked alternative. D) There is no real definition for opportunity cost.
Economics
Free trade policies may lead to
A) a decrease in world output. B) price increases in world markets. C) some labor sectors experiencing some short-term job loss. D) none of the above.
Economics