Economic model building begins with the construction of greatly oversimplified "benchmark" models, which are brought closer to reality by gradually removing the simplifying assumptions
In this process, more and more ________ variables become ________. A) short-run, long-run
B) exogenous, endogenous
C) long-run, short-run
D) endogenous, exogenous
E) nominal, real
B
Economics
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In the long run, if 1,000 units are produced at a cost of $8,000 and 1,200 units at a cost of $9,200, then over this range of output there are
A) constant economies of scale. B) constant returns to scale. C) diseconomies of scale. D) economies of scale. E) constant diseconomies of scale.
Economics
A Lorenz curve that is perfectly straight indicates
A) that society is very rich. B) that a small portion of the population accounts for most of the income. C) that a large portion of the population accounts for most of the income. D) complete income equality.
Economics