Which of the following statements about models is correct?
A) The more details a model includes, the better the model.
B) Because economic models omit many details, they allow us to see what is truly important.
C) Models cannot be used to explain how the economy functions.
D) Economic models complicate reality.
Correct Answer:
Verified
Q206: In the simple-circular flow diagram, the flow
Q207: Instead of conducting laboratory experiments to generate
Q208: In the circular-flow diagram, which of the
Q209: The art in scientific thinking-whether in chemistry,
Q210: In the circular-flow diagram, which of the
Q212: Economists make assumptions to
A)minimize the number of
Q213: In the simple circular-flow diagram, the participants
Q214: Another term for factors of production is
A)inputs.
B)output.
C)goods.
D)services.
Q215: Figure 2-1 Q216: In the circular-flow diagram,
A)factors of production flow
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