An economic model
a. uses equations to understand normative economic phenomena
b. often omits crucial elements
c. simplifies reality in order to focus on crucial elements
d. tries to make simple concepts more complex
e. cannot be proven wrong
C
Economics
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What are the effects of an increase in labor productivity on potential GDP, the quantity of labor, the real wage rate, and potential GDP per hour of labor?
What will be an ideal response?
Economics
Finite resources can be
a. renewable or nonrenewable b. only nonrenewable c. only renewable d. neither renewable nor nonrenewable e. insatiable
Economics