Multiple Choice
Economic models are only useful in analyzing government policy.
A) True. Individuals are irrational and therefore economic models are useless.
B) False. Economic models can be used to predict individual and firm behavior.
C) True. Economists only model those questions for which they are hired.
D) False. Economic models are not even useful in analyzing government policy.
Correct Answer:
Verified
Correct Answer:
Verified
Q2: Microeconomics can be used by governments to
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
Q8: Einstein was quoted saying "Everything should be
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