A model can be accurately described as a
A) theoretical abstraction with very little value.
B) device that is useful only to the people who created it.
C) realistic and carefully constructed theory.
D) simplification of reality.
Correct Answer:
Verified
Q41: The circular-flow diagram is a
A)visual model of
Q42: In constructing models,economists
A)leave out equations,since equations and
Q43: Just like models constructed in other areas
Q44: In building economic models,economists often omit
A)assumptions.
B)theories.
C)details.
D)equations.
Q45: Which types of models are built with
Q47: Which of the following is not correct
Q48: Which of the following statements is correct?
A)Few
Q49: Which of the following statements about models
Q50: Economists build economic models by
A)generating data.
B)conducting controlled
Q51: Economic models are built with
A)recommendations concerning public
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