Explain why a model that delivers good enough approximations is a good model.
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Q30: Microeconomic models are used to
A)make predictions.
B)explain real-life
Q31: Economic models are most often tested
A) using
Q35: Explain why economists might disagree on the
Q35: Economists tend to judge a model based
Q36: If a theory's predictions are incorrect,
A)then economists
Q36: Einstein was quoted saying "Everything should be
Q40: Which of the following is an example
Q41: If a model fits reality but doesn't
Q46: If actual experience supports two competing theories,then
Q47: Economic models are only useful in analyzing
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