Abstraction can be thought of as
a. ignoring reality in order to build theory.
b. omitting unimportant details in order to understand complex phenomena.
c. creating absurdity in order to explain simplicity.
d. assuming complexity when simplicity will do.
e. stylizing reality rather than analyzing cause and effect.
b
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An increase in demand for a nation's currency in the foreign exchange market will:
a. cause the nation's currency to appreciate. b. make it more expensive for the nation to import goods. c. cause the nation's balance on current account to shift toward a surplus. d. make it less expensive for foreigners to buy the nation's goods.
If tastes for a good decreased and the price of a substitute good decreased at the same time, as a result: a. prices would rise
b. prices would fall. c. larger quantities to be exchanged. d. we would not know which direction either prices or quantities exchanged would be altered without more information.