Economists build models to identify relationships between variables and thus help them predict the effects of changes in some variables on others. Identify the economic model-building process by selecting the appropriate labels from the dropdown menus in the table below.
Step 1 Impose complications
Step 2 Model development
Step 3 Problem identification
Select variables
Testing a theory
In order to be useful, models require___assumptions.

What is an example of a good stock to buy in a recession? a) cyclical stock b) defensive stock c) income stock d) bond

The year-end financial statements of calloway company contained the following elements and corresponding amounts: assets = $34,000; liabilities = ? ; common stock = $6,400; revenue = $13,800; dividends = $1,450; beginning retained earnings = $4,450; ending retained earnings = $8,400. based on this information, the amount of expenses on calloway's income statement was

Activity-based costing (abc) is not truly a cost collection mechanism as much as it is an inventory valuation method. the main purpose for implementing an activity-based cost system is to try to overcome some of the cost distortions that occur in traditional costing from product differences when there are variations in size and complexity. however, one of the disadvantages of utilizing abc is that the additional information gathering necessary to implement costing with that level of detail might be beyond the reach of some companies with resource or financial constraints. with this in mind, what kinds of industries or companies do you think would benefit most from using activity-based costing and why? in designing or modifying an accounting system to capture appropriate costs for abc, what considerations do you think would need to be made?