Economic models
A) are used to explain how people think.
B) are used to explain how people behave.
C) are essential representations of the real world.
D) are never used for making economic projections or predictions.
B
Economics
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If the per-worker production function shifts down,
A) the per-worker production function becomes steeper. B) it now takes more capital per hour worked to get the same amount of real GDP per hour worked. C) an economy can increase its real GDP per hour worked without changing the level of capital per hour worked. D) positive technological change has occurred in the economy.
Economics
If the money rate of interest is 9 percent and the real rate of interest 6 percent, the inflationary premium is
a. 3 percent. b. 6 percent. c. 9 percent. d. 12 percent.
Economics