Economic models are A) always based on laboratory methods ...

[elizabeth18]

Economic models are
 
  A) always based on laboratory methods similar to natural sciences.
  B) a simplified representations of the real world.
  C) used only in microeconomic analysis by households.
  D) used only in macroeconomic analysis by business firms.

Question 2

Higher unemployment tends to be associated with
 
  A) the classical model.
  B) higher real GDP.
  C) higher nominal GDP.
  D) lower real GDP.

[nguyenhoanhat]

Answer to Question 1

B

Answer to Question 2

D