Economic models are of limited use since they cannot be tested empirically with actual data
a. True
b. False
Indicate whether the statement is true or false
False
Economics
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In the monetarist version of the AD-AS framework, starting from long-run equilibrium, an increase in the money supply produces
A) no change in Real GDP in the short run or the long run. B) a rise in Real GDP in both the short run and the long run. C) a rise in Real GDP in the short run, but not in the long run. D) a rise in Real GDP in the long run, but not in the short run.
Economics
Which of the following is NOT true for a perfectly competitive firm in the long run?
A. MC > LAC B. MR = MC C. SAC = LAC D. Price = MC
Economics