If an important assumption is omitted from an economic model,
A) the model's predictions will be accurate 50% of the time.
B) the model's predictions will be inaccurate.
C) the model will not predict anything.
D) the model will be rejected by other economists.
B
Economics
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Evidence in support of the hypothesis that unions increase the productivity of union workers is
A) the fact that union wages are greater than nonunion wages. B) there is an excess supply of labor at the union wage rate. C) that unionized firms face lower turnover rates than nonunion firms do. D) that most contracts are settled without a strike.
Economics
The implicit cost incurred by a firm to use its resources to produce its output is the firm's
A) total cost. B) explicit cost. C) opportunity cost. D) accounting cost.
Economics