ECO2013

Natural resources, or land, can include the fertility of the land, minerals below it, and what other aspects?

Livestock

Identify the macroeconomic issue among the following statements

The average cost of producing electricity nationally is rising

When an economist or mathematician uses equations to calculate changing economic conditions, they use variables to simplify this process. What is a variable?

The part of the equation that is a verbal description of the problem

From the graph above, one could conclude that, all else remaining constant

X and Y is direct

In economics, functions often describe cause and effect. In an economic function, the variable being described on the left-hand side represents a(n) ________?

effect

The very best models have an unusual combination of characteristics. They are both

graphical and numerical

If a data line on a graph slopes down as it goes to the right, it is depicting that

inverse and direct

The ability of a model to predict outcomes (accurately) is an indicator that

the assumptions of the model are generally accurate