Which of the following statements about models is correct?
A) The more details a model includes,the better the model.
B) Models assume away irrelevant details.
C) Models cannot be used to explain how the economy functions.
D) Models cannot be used to make predictions.
Correct Answer:
Verified
Q44: In building economic models,economists often omit
A)assumptions.
B)theories.
C)details.
D)equations.
Q45: Which types of models are built with
Q46: A model can be accurately described as
Q47: Which of the following is not correct
Q48: Which of the following statements is correct?
A)Few
Q50: Economists build economic models by
A)generating data.
B)conducting controlled
Q51: Economic models are built with
A)recommendations concerning public
Q52: Economic models
A)are people who act out the
Q53: The circular-flow diagram is an example of
A)a
Q54: Economic models
A)are not useful because they omit
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