Theories or models of economic behavior are used to
a. explain very precise details about the economy
b. predict economic events and develop economic policy
c. predict consumer behavior but not market behavior
d. all of the above
Ans: b. predict economic events and develop economic policy
Economics
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The amount of time that it takes between recognizing an economic problem and implementing policy to solve it is
A) the recognition time lag. B) the effect time lag. C) the action time lag. D) fiscal policy.
Economics
The opportunity cost of a particular activity is the sum of the benefits that could have been received from all foregone activities
a. True b. False
Economics