Economists develop models to
A) capture every detail of the real world.
B) make their arguments more realistic.
C) justify the assumptions they make about people's behavior.
D) help us understand economic phenomena in the real world.
Answer: D
Economics
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In the above figure, the economy is at point A when changes occur. If the new equilibrium has a price level of 100 and real GDP of $15.0 trillion, then it must be the case that
A) aggregate demand has increased. B) aggregate demand has decreased. C) aggregate supply has decreased. D) aggregate supply has increased.
Economics
If the maturity of a debt instrument is less than one year, the debt is called
A) short-term. B) intermediate-term. C) long-term. D) prima-term.
Economics