Multiple Choice
One reason why economists often use models in their analysis is that
A) a model helps us to understand, explain, and predict economic phenomena in the real world.
B) a model accurately pictures every detail of the real world economy.
C) a model relates to individual thought processes rather than behavior.
D) it is relatively easy to perfectly specify a model.
Correct Answer:
Verified
Correct Answer:
Verified
Q238: A common approach that economists use to
Q239: Both the social sciences and the natural
Q240: Economics is the study of<br>A) the allocation
Q241: Economists assume people behave<br>A) instinctively.<br>B) rationally.<br>C) irrationally.<br>D)
Q242: Distinguish between macroeconomics and microeconomics.
Q244: Is inflation a macroeconomic or a microeconomic
Q245: Macroeconomics is concerned with<br>A) individual consumers.<br>B) government
Q246: Economists assume that people are motivated by<br>A)
Q247: In economics, _ are limited but _
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