Multiple Choice
An economic model can be described as
A) an abstract representation of reality
B) a detailed description of some economic phenomenon
C) something that is often more complex than the real-world phenomenon it represents
D) a vehicle for making positive economic statements
E) a vehicle for making normative economic statements
Correct Answer:
Verified
Correct Answer:
Verified
Q3: The opportunity cost of any activity can
Q4: In one hour,George can fix 4 flat
Q5: The unemployment rate for the economy as
Q6: The core problem faced by all economic
Q7: The opportunity cost of a particular activity
Q9: High-income people will sometimes pay higher prices
Q10: Macroeconomic models focus on the behavior of<br>A)
Q11: Assume that Kelly's various possible activities are
Q12: Normative economics deals with<br>A) social norms and
Q13: A statement of opinion about which model