Assumptions are necessary to
A) make economics a social science.
B) define a set of circumstances where a model is most likely to apply.
C) define the relationship between wants and resources under all circumstances.
D) define the specific cause and effect relationship that is being explained by social sciences.
B
Economics
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Of the age groups given below, which has experienced the greatest decline in poverty rates in the U.S. since the mid-1960's?
a. Under 18 years old b. 18 to 64 years old c. 65 or more years old d. 40 to 64 years old
Economics
Based on the following table, the additional cost of producing the 60th unit of output is:
A. $5 B. $80 C. $250 D. $120 E. $8
Economics