An economic model:
A. is so abstract that it cannot be applied to real-world events.
B. applies economic theory to understand real-world events.
C. is an action taken to influence the course of economic events.
D. can be used only to understand free markets.
Answer: B
Economics
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Cyclical unemployment includes people who become unemployed from
A) normal labor market turnover. B) changes in the seasons. C) changes in international competition. D) technological changes. E) changes in the business cycle.
Economics
When a nation exports a good, its consumer surplus ________, and its producer surplus ________
A) increases; increases B) decreases; decreases C) increases; decreases D) decreases; increases E) does not change; increases
Economics