An economic model is a realistic depiction of the operation of the economy

Economists who study economic mobility have found that the income of a grandfather and his grandson's income are

a. not closely related. b. negatively related. c. directly related. d. equal.

Which of the following is an assumption used in deriving a production possibilities curve?

A) Poverty always exists in society. B) The wages in an industry increase constantly. C) Prices will continue to increase. D) The amount of resources is fixed.