Economists need to develop abstractions in order to:
a. avoid analyzing real-world economic interactions, which are too complicated to understand.
b. distinguish normative economic behavior from positive economic behavior

As of 2016, there are ______ nations fully in the Eurozone, with ______ nations remaining outside the currency union.

A) 40; 2 B) 19; 10 C) 35; 7 D) 10; 17

A candidate in the 1992 presidential election argued that our current federal income-tax system should be replaced with a flat-tax. That is, every individual should pay the same percentage of income in federal taxes regardless of his or her income

Evaluate the merits of this policy. In your answer, be sure to include a discussion of both the equity and efficiency considerations of such a tax proposal.