Why do economists make assumptions?
a. to create and thereby make economics more interesting
b. to reflect and thereby make the past more understandable
c. to complicate and thereby reflect the world more accurately
d. to simplify and thereby make the world more understandable
d. to simplify and thereby make the world more understandable
Economics
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To avoid double counting in the calculation of GDP, which types of goods are typically excluded from the calculation?
A) intermediate goods B) capital goods C) inventory goods D) nonmarket goods E) value-added goods
Economics
What is a characteristic of human capital?
A) rivalry B) rapid accumulation C) private ownership D) concavity
Economics