Multiple Choice
Just like models constructed in other areas of science,economic models
A) incorporate assumptions that contradict reality.
B) incorporate all details of the real world.
C) complicate reality.
D) avoid the use of diagrams and equations.
Correct Answer:

Verified
Correct Answer:
Verified
Q7: Figure 2-6 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB2297/.jpg" alt="Figure 2-6
Q8: Economists make assumptions to<br>A)mimic the methodologies employed
Q9: Any point on a country's production possibilities
Q10: In the simple circular-flow diagram,who buys the
Q11: Which types of models are built with
Q13: When studying the effects of public policy
Q14: The production possibilities frontier is used to
Q15: Figure 2-10<br><img src="https://d2lvgg3v3hfg70.cloudfront.net/TB2297/.jpg" alt="Figure 2-10
Q16: Figure 2-9<br><img src="https://d2lvgg3v3hfg70.cloudfront.net/TB2297/.jpg" alt="Figure 2-9
Q17: An economic outcome is said to be