Economic models generally:
A) focus on all important aspects of economic reality.
B) reflect certain value judgments, since they must focus on certain aspects of economic reality and not on others.
C) do not involve value judgments because they are purely mathematical.
D) are close representations of real-world economic reality.

Question

Quizplus · Accepted Answer

Economic models are simplifications of reality and involve value judgments in deciding which aspects to focus on, as they cannot encompass all aspects of economic reality.

Economic Models Generally