Economic models
A. are used to explain how people behave.
B. are used to explain how people think.
C. are essential representations of the real world.
D. are used to explore the thought processes of individuals or groups.
Answer: A
Economics
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Reserves are ________
A) gold in a bank's vault plus its gold at Federal Reserve banks B) cash in a bank's vault plus its deposits at Federal Reserve banks C) cash in a bank's vault plus its gold at Federal Reserve banks D) cash in a bank's vault plus the cash carried by its customers
Economics
Compared to the long-run absolute elasticity of demand, the short-run absolute elasticity of demand is
A) smaller. B) the same. C) larger. D) either smaller or larger, depending on other factors.
Economics