Explain what a model is
What will be an ideal response?
A model is a formal statement of a theory. It is generally a mathematical statement of a presumed relationship between two or more variables.
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The slope of the isocost line:
A) changes as the combination of labor and capital is altered by the firm. B) is equal to the ratio of the marginal productivities at all points along the isocost line. C) is equal to the negative of the ratio of the prices of the outputs. D) is equal to the negative of the ratio of the prices of the inputs.
The value of corporate stocks and bonds traded in a given year is:
A. Included in the calculation of GDP because they make a contribution to the current production of goods and services B. Excluded from the calculation of GDP because they make no contribution to current production of goods and services C. Included in the calculation of net private domestic investment D. Included in the calculation of gross private domestic investment