An economic model is
A) 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.
B) a statement that describes how the world should be.
C) a collection of facts that describe the real world.
D) a generalisation that summarises all the normative assumptions we make about a particular issue.
Correct Answer:
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Q1: Which of the following is a microeconomic
Q2: In economics, positive statements are about
A)microeconomics, not
Q3: Normative statements are statements about
A)quantities.
B)what ought to
Q4: Which of the following are considered factors
Q7: Which of the following questions is NOT
Q8: You have the choice of going on
Q9: The vertical axis in a graph
A)is named
Q10: Suppose we are considering the relationship between
Q11: Which of the following is an example
Q379: If an increase in x (the variable
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