Economic models are often based on assumptions because they:
A) help simplify complex real-world phenomena.
B) help explain the past.
C) help test models even when relevant data are unavailable.
D) help predict the future with higher accuracy.
A model is based on an assumption that an additional year of education increases a student's future wage by 20.
Question 2
The public debt can be thought of as
A) the total amount the government spends for goods and services.
B) the total amount consumers owe on their credit cards.
C) accumulated budget deficits and surpluses.
D) the total amount in taxes consumers pay to the government.
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economic question
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