Which of the following is not correct?
A) Economists use some familiar words in specialised ways.
B) Economics has its own language and its own way of thinking, but few other fields of study do.
C) Supply, demand, elasticity, comparative advantage, consumer surplus, and deadweight loss are all terms that are part of the economist's language.
D) The value of the economist's language lies in its ability to provide you with a new and useful way of thinking about the world in which you live.
Correct Answer:
Verified
Q3: Economists make assumptions in order to
A)mimic the
Q5: Instead of conducting laboratory experiments to generate
Q6: Economists devise theories, collect data, and then
Q7: Economists often find it worthwhile to make
Q8: Economists try to address their subject with
Q10: The ultimate purpose of an economic model
Q12: An endogenous variable
A)is a variable whose value
Q15: An economic model
A) uses equations to understand
Q49: Which of the following statements about models
Q87: When economists are trying to explain the
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