A precept is:
A) the application of models combined with judgment.
B) a policy rule that concludes that a particular course of action is preferable.
C) a proposition that is logically true based on the assumptions of a model.
D) a set of equations that define a model.
Correct Answer:
Verified
Q58: Economic forces:
A) are a reaction to scarcity.
B)
Q59: The opportunity cost of attending college for
Q60: When your wages rise, the:
A) opportunity cost
Q61: The price mechanism is:
A) not affected by
Q62: Social forces:
A) affect the price mechanism through
Q64: New Jersey raises its minimum wage while
Q65: Even though 80,000 individuals in the United
Q66: Political forces:
A) affect the price mechanism through
Q67: A cultural norm is a(n):
A) economic force.
B)
Q68: Many drugs are illegal in the United
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