Multiple Choice
The usefulness of a model is determined by
A) whether it helps to explain or predict real world phenomena.
B) whether it possesses realistic assumptions.
C) how well it uses the ceteris paribus assumption.
D) how many of the possible relationships that exist are included in the model.
Correct Answer:
Verified
Correct Answer:
Verified
Q25: Jane is currently developing a model to
Q26: One major assumption of economics is that
Q27: Which of the following is NOT a
Q28: The economic way of thinking will help
Q29: Resources are<br>A) unlimited.<br>B) able to be replicated
Q31: Economics is a<br>A) hard science.<br>B) physical science.<br>C)
Q32: The United States is best known as
Q33: The hypothesis that people are nearly, but
Q34: Individual decision making by consumers and producers
Q35: Economists develop models to<br>A) capture every detail