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

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