What is an economic model?
A) It is a description of an economic issue that includes all possible related information.
B) It is a description of an economic issue based on official government information.
C) It is a detailed version of some aspect of economic life used to analyze an economic issue.
D) It is a simplified version of some aspect of economic life used to analyze an economic issue.
Answer: D
You might also like to view...
If the CPI is 120, this means that
A) prices are 120 percent higher than in the reference base period. B) prices are 0.12 times higher than in the reference base period. C) prices are 20 percent higher than in the reference base period. D) the inflation rate must be positive.
Which of the following could explain a leftward shift of the labor demand curve?
a. Firms are unable to sell all the output they produce. b. Workers have become less productive. c. Workers have become more productive. d. Both (a) and (b) are correct. e. The demand curve for the product that firms sell shifts to the right.