An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue

Seasonal adjustment

A) should never be used. B) is rarely used. C) is a common characteristic of macroeconomic time series in wide use. D) is not used by modern macroeconomists.

In the classical model, a decrease in immigration would

a. decrease labor supply, increase the real wage, and decrease output. b. increase labor supply and the real wage, and decrease output. c. increase labor demand and the real wage, and increase output. d. reduce real wages and reduce output.