Which of the following statements concerning economic models is FALSE?
A) Economic models must provide usable predictions.
B) Economic models are based on pure fact and no assumptions.
C) Economic models are tested empirically.
D) Economic models relate to how people behave.
B
Economics
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A production possibilities curve shows:
A. that resources are unlimited. B. that people prefer one of the goods more than the other. C. the maximum amounts of two goods that can be produced, assuming the full use of available resources. D. combinations of capital and labor necessary to produce specific levels of output.
Economics
Of the curves displayed in the graph shown, graph B is most like to be the:
A. ATC curve. B. AFC curve C. AVC curve D. MC curve
Economics