Multiple Choice
An economic model is
A) a concrete representation of reality
B) as close to reality as possible
C) too abstract to be useful when assumptions are involved
D) unrelated to reality
E) an abstract representation of reality
Correct Answer:
Verified
Correct Answer:
Verified
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Q27: Because resources are scarce,if society produces more
Q28: Because of economic scarcity<br>A) there are not
Q29: Economic models typically assume that decision makers
Q30: The best economic theory is the one<br>A)
Q32: If two economists disagree about the magnitude
Q33: An entrepreneur is best described as<br>A) someone
Q34: A good economic model<br>A) is as simple
Q35: All production involves an opportunity cost because<br>A)
Q36: If two economists completely agree about the