Which of the following statements is correct?
a. Few economic models incorporate assumptions.
b. Different economic models employ different sets of assumptions.
c. Good economic models attempt to mimic reality as closely as possible.
d. Economic models, to be accepted, must be tested by conducting experiments.
b
Economics
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If the economy has a natural unemployment rate of 4 percent and potential GDP of $5 trillion, what will be real GDP according to Okun's Law if the unemployment rate rises to 5 percent?
What will be an ideal response?
Economics
Those closest to fomenting a real revolution during the early years of the Great Depression were
(a) bankers. (b) farmers. (c) industrial workers. (d) the middle class.
Economics