Which of the following is an important characteristic of good economic models? They are as complex a
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Which of the following is an important characteristic of good economic models?
They are as complex as the realities they represent
They avoid making predictions
They are flexible in their designs
They deal with the economy as a whole
They use the language of mathematics
Nominal gross domestic product (GDP) increased from $1562 trillion to $1609 trillion, and the price level increased from 1200 to 1224 Rounding to the nearest second decimal, the growth rate of real GDP was approximately
301 percent
100 percent
292 percent
200 percent
187 percent
If over a period of time real gross domestic product (GDP) decreases while nominal GDP increases, then this implies
that real GDP is much greater than nominal GDP
a significant drop in the price level
that the given period occurs before the base period
a significant rise in the price level
that the given period year occurs after the base period
Gross domestic product (GDP) is best defined as the total market value of all
final goods produced within a country within a given time
goods produced within a country within a given time
services produced within a country within a given time
goods and services produced within a country within a given time
final goods and services produced within a country within a given time
A country with a small per capita gross domestic product (GDP) is
isolated
economically healthy
efficient
poor
too productive
During a job search, individuals will sometimes accept the lower of two competing salary offers What would best explain this decision?
A person may accept a lower starting salary in order to receive greater future pay increases
The total benefits of the lower paying job are greater than the total benefits of the higher paying job
Individuals never accept a salary that exceeds their personal values
The lower salary is still better than the salary earned at the previous job
The total benefits of the higher paying job are greater than the total benefits of the lower paying job