A model
A. is a complete representation of some phenomenon.
C. is always expressed mathematically.
D. cannot be qualitative in nature.
B. is a simplified representation of some phenomenon.
Economics
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Other things equal, an increase in transfer payments will ________ consumption expenditures, which leads to ________ in output and employment
A) increase; an increase B) increase; a decrease C) decrease; an increase D) decrease; a decrease
Economics
The national income accounting system provides a measure of:
a. only the total amount of profits made by business firms. b. the total value of all inputs used in production. c. the government budget surplus and deficit. d. the net exports of a nation. e. the output of an entire economy.
Economics