When modern economists cannot solve a model analytically, they can estimate the solution by:
A. using induction to solve a series of equations.
B. abandoning models altogether.
C. changing from the inductive back to the deductive approach.
D. simulating the model with a computer to arrive at a numerical solution.
Answer: D
Economics
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The money supply changes if:
a. Oil and other natural resource prices rise. b. GDP rises. c. The monetary base rises. d. The domestic currency depreciates.
Economics
Refer to the diagram. A price of $20 in this market will result in a:
A. shortage of 50 units.
B. surplus of 50 units.
C. surplus of 100 units.
D. shortage of 100 units.
Economics