Multiple Choice
If an important assumption is omitted from an economic model,
A) the model's predictions will be accurate 50% of the time.
B) the model's predictions will be inaccurate.
C) the model will not predict anything.
D) the model will be rejected by other economists.
Correct Answer:
Verified
Correct Answer:
Verified
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
Q15: Which of the following is an example
Q16: Economic models are only applicable to free-market
Q17: Which of the following is an example
Q18: Who or what is responsible for bringing
Q19: Normative statements are easily debated whereas positive