Multiple Choice
Economists will use a model such as the law of demand
A) forever, ignoring all criticism.
B) until it is refuted by someone.
C) until the model produces the same results with added complexity.
D) until every microeconomic courses uses the model.
Correct Answer:
Verified
Correct Answer:
Verified
Q6: Governments use microeconomic models to<br>A) predict the
Q7: Economic models are only useful in analyzing
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
Q12: What links the decisions of consumers and
Q13: Scarlett developed an economic model to describe
Q14: If an important assumption is omitted from
Q15: Which of the following is an example
Q16: Economic models are only applicable to free-market