The scientific method uses models to ___________
A. clarify normative disagreements
B. avoid the need to study real questions
C. replicate all the features of the real world
D. focus on those features of reality assumed relevant for understanding a cause and effect relationship
D Answer D uses the definition of an economic model on page 12.
Economics
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Refer to Figure 4-8. Suppose that instead of a rent ceiling, the government imposed a price floor of $2,000 per month for apartments. What is the value of consumer surplus after the imposition of the price floor?
A) $6,000 B) $30,000 C) $100,000 D) $240,000
Economics
A country's GNP is always larger than its GDP
Indicate whether the statement is true or false
Economics