Multiple Choice
The basic purpose of economic models is to:
A) construct simplifying assumptions about the real world.
B) explain reality in all its complexity.
C) collect empirical data to support the facts.
D) construct situations where controlled experiments can be carried out.
E) explain and predict economic events.
Correct Answer:

Verified
Correct Answer:
Verified
Q93: Economics is best defined as the study
Q95: Economists believe that<br>A)people who choose to promote
Q109: Your best friend buys you lunch on
Q110: As resources are scarce,_.<br>A)opportunity costs are zero.<br>B)people
Q111: You currently subscribe to two magazines and
Q112: To say that people make decisions at
Q113: Rational choice by an individual implies:<br>A)the use
Q115: Economics:<br>A)studies human behavior when scarcity exists and
Q118: Michigan has an abundant supply of fresh
Q135: A rational decision maker compares the expected