The importance of an economic model is that it allows us to: build an accurate mathematical model of every aspect of the economy. focus on the effects of only one change at a time. build a complex and accurate model of how the economy should work. avoid opportunity costs.

The graph shows the price of a good compared to the quantity demanded and the quantity supplied. on this graph, the bottom horizontal line represents an ineffective price floor set above equilibrium. an effective price floor set below equilibrium. an ineffective price ceiling set above equilibrium. an effective price ceiling set below equilibrium.

What did passage of the immigration act of 1965 accomplish? the law lowered the number of asians allowed to immigrate to the us. the law allowed no more immigration from european nations. the law supported victims of political persecution. the law made an effort to establish a quota system.

How does specialization enable countries to trade with one another? a country can make and sell goods affordably and buy goods that it is inefficient at making. a country can make what it chooses and sell its goods to other countries. a country can decide to buy everything it needs from other countries. a country can efficiently make goods that were once difficult to make.