An economic model is a detailed version of an economic environment

If a good has an external cost, then the marginal private cost curve

A) lies below the marginal social cost curve. B) lies above the marginal social cost curve. C) is negative. D) is the same as the marginal external cost curve.

The NBER's Business Cycle Dating Committee picks recession dates by looking at many variables, the four most important of which are industrial production, manufacturing and trade sales, nonfarm employment, and real personal income

These variables are known as A) leading indicators. B) coincident indicators. C) lagging indicators. D) recession indicators.