The wage rate that is adjusted for changes in ________ over time is the real wage rate.

If public goods can be produced more efficiently, then

A) public goods increase, and private goods may increase or decrease. B) public goods production stays the same, and private goods increase. C) public goods and private goods both increase. D) public goods production falls, and private goods production rises.

An economic model is a purposeful simplification of reality, whose function includes:

A. Understanding the full complexity of the real world B. Predicting the behavior of each and every individual or organization C. Analyzing the behavior of a typical or average consumer or firm D. Forecasting economic random events with a high level of accuracy