In economics, abstraction from reality is necessary because of the complexity of the real world.
Correct Answer:
Verified
Q50: Economic efficiency and income equality are often
Q51: Abstraction ignores many details in order to
Q52: Abstraction can lead to gross distortions of
Q53: Productivity growth is the main cause of
Q54: Economists are often required to make unrealistic
Q56: Abstraction is unnecessary when economic analysis is
Q57: Over the past century, the main factor
Q58: Attempts by the government to reduce the
Q59: Unemployment and inflation are important determinants of
Q60: The Phillips curve illustrates the trade-off between
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents