Abstracting from reality is an important element of all economic models
a. True
b. False
Indicate whether the statement is true or false
True
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If the wheat harvest next summer in Canada will be much less than had been expected, there will tend to be
A) a decrease in the price of wheat futures and an increase in the current cash price of wheat in the US. B) a decrease in the price of wheat futures and in the current cash price of wheat in the US. C) an increase in the price of wheat futures and a decrease in the current cash price of wheat in the US. D) an increase in the price of wheat futures and in the current cash price of wheat in the US.
A variable is a factor that:
A) cannot be measured. B) is not affected by changes in other factors. C) is independent and cannot be determined. D) takes different values at different points of time.