The supply and demand model is the workhorse of the principles of economics because it:
A. follows directly from the inductive approach to economics.
B. is a useful model by which students can be introduced to economic reasoning.
C. does not have to have any empirical testing to back up the results of the model.
D. is a perfect model and can never be improved upon.
Answer: B
Economics
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Figure 10-9
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Figure 10-9 describes which of the following periods in the United States?
A. 1930s B. 1973–1975 C. late 1990s D. 2007–2009
Economics
General equilibrium refers to
A. examining markets without specific information. B. finding equilibrium from general information. C. pricing goods at their shadow price. D. all of these. E. none of these answer options are correct.
Economics