A theory or a model
A) is a simplified, abstract view of reality.
B) is based on each economist's value judgments.
C) is a detailed analysis of what ought to be.
D) captures all aspects of the real world.
Answer: A
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Currently ____________ people are enrolled in PreCheck and more than __________ more have PreCheck clearance through Global Entry, the Customs and Border Protection trusted-traveler program.
Fill in the blank(s) with the appropriate word(s).
The simple multiplier formula assumes the following, except:
A. The economy has excess capacity and room to expand output B. Firms will raise prices as buyers buy more of their output C. People will spend more if they earn additional income D. Business firms will increase production if demand for their output increases