Multiple Choice
Einstein was quoted saying "Everything should be made as simple as possible,but not simpler." When it comes to economic models this means that
A) models shouldn't be too complex.
B) models shouldn't be too simple.
C) models should have a level of abstraction appropriate to the topic investigated.
D) All of the above.
Correct Answer:
Verified
Correct Answer:
Verified
Q3: Most microeconomic models assume that decision makers
Q4: Economic modeling requires<br>A) mathematics.<br>B) logic.<br>C) calculus.<br>D) trigonometry.
Q5: Legislators argue that a minimum wage law
Q6: Governments use microeconomic models to<br>A) predict the
Q7: Economic models are only useful in analyzing
Q9: Individuals use microeconomic models to determine<br>A) their
Q10: Every economic model should include money as
Q11: Economists will use a model such as
Q12: What links the decisions of consumers and
Q13: Scarlett developed an economic model to describe