An economic model is
A) a collection of facts that describe the real world.
B) a statement that describes how the world should be.
C) a description of some aspect of the economic world that includes only those features of the world that are needed for the purpose at hand.
D) a generalization that summarizes all the normative assumptions we make about a particular issue.
Correct Answer:
Verified
Q182: When the president of the Bank of
Q183: Which of the following is a positive
Q184: When Susan makes the statement, ʺThe government
Q185: The statement that is a positive statement.
A)
Q186: ʺWhen OPEC increases the supply of oil
Q188: ʺAs part of the financial crisis bailout
Q189: ʺThe rich should pay higher income tax
Q190: Which of the following is a normative
Q191: An economic model includes
A) only normative statements.
B)
Q192: Consider the following events:
i. Samsung hires associates
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