A model can be accurately described as a
a. theoretical abstraction with very little value.
b. device that is useful only to the people who created it.
c. realistic and carefully constructed theory.
d. simplification of reality.
d
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(Consider This) Voter failure describes the situation where:
A. an insufficient number of voters turn out to express their preferences. B. voter preferences cannot be adequately captured because of a voting paradox. C. voters support policies that would reduce productive and allocative efficiency. D. government officials make poor decisions that contradict voter preferences.
Assume that the reserve ratio is 20 percent and banks in the system are loaning out all their excess reserve. If people collectively cash out $10 billion from their checking accounts, then the lending ability of the banking system will be:
A. Increased by $10 billion B. Decreased by $10 billion C. Decreased by $40 billion D. Decreased by $50 billion