Which is NOT true about the use of economic models?
A) Economic models are simplified representations of the real world.
B) Economists always use experiments in science laboratories to test their theories.
C) Economists use what has already happened in the real world to test their theories.
D) Economists are employed to explain economic phenomena but are never used to predict what might happen next.
D
Economics
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All of the following are incomes earned in the factor market EXCEPT
A) wages. B) prices of goods and services. C) rents. D) profits.
Economics
In a system in which there is an administered exchange rate, what is the term used when the government sets the rate lower to buy more units of foreign currency?
A) a revaluation B) an appreciation C) a depreciation D) a devaluation
Economics