Multiple Choice
The objective of an economic model is to
A) be an accurate description of reality
B) yield better understanding of important relationships
C) use simplifying assumptions to make positive economic statements
D) use basic principles of economics to derive fundamental assumptions about human behavior
E) predict real-world occurrences with complete accuracy
Correct Answer:

Verified
Correct Answer:
Verified
Q37: The money we pay for a good
Q38: Microeconomic models focus on the behavior of<br>A)
Q39: Opportunity costs arise in production because<br>A) resources
Q40: Using economic analysis to help understand world
Q41: Which of the following is assumed in
Q43: A simplifying assumption<br>A) affects the important conclusions
Q44: Microeconomics is the study of<br>A) government decisions<br>B)
Q45: The study of economics would be superfluous
Q46: A particular music store,Discs-R-Us,sells over 3,000 different
Q47: The Congressional Budget Office and the Office