A useful economic model
A) deals only with possibilities that actually occurred.
B) makes only realistic assumptions.
C) may make some unrealistic assumptions in order to simplify a complex reality.
D) will avoid conclusions that have public policy implications, because economists do not make value judgments.
Correct Answer:
Verified
Q179: When voluntary trade takes place,
A)both parties can
Q180: Economists make assumptions because
A)this is a way
Q181: Economic theory
A)is a deliberate simplification of factual
Q182: Why do economists tend to create models
Q183: Using economic theory to analyze policy issues
A)is
Q185: Which of the following statements is correct?
A)Theory
Q186: Economic models are often expressed in
A)equations.
B)words.
C)graphs.
D)physical objects.
Q187: In the winter quarter at Frozen U.one
Q188: Economists and others use economic theory
A)only to
Q189: Some economists develop theories concerning policy issues
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