Which of the following implies that a model is an approximation?
A) The model is not based on any assumption.
B) The predictions of the model are mostly wrong.
C) The predictions of the model will hold in most cases but not all.
D) The predictions of the model cannot be tested with data.
C
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When foreign residents buy U.S. Treasury securities to finance the budget deficit
A) we can also anticipate a decrease in the trade deficit. B) the trade deficit will not be affected. C) we can also anticipate an increase in the trade deficit. D) the public debt will be reduced.
The benefits of economic growth are ________, while the costs of economic growth are ________.
A. increased output per person; less future consumption B. increased output per person; too small for concern C. more current consumption; less future consumption D. increased output per person; the consumption sacrificed in exchange for capital formation