Building an economic model requires:
A) deriving a conclusion or prediction.
B) realistic assumptions.
C) richness comparable to that of the real world.
D) the use of politically correct assumptions.
Correct Answer:
Verified
Q39: Economic theory assumes that people want:
A)to advance
Q40: Institutions are considered important for economic analysis:
A)institutionalism
Q41: The market demand curve is downward sloping,
Q42: When US President Barack Obama gave his
Q43: Locational models predict all of the following
Q45: Assumptions are chosen primarily because they are:
A)realistic.
B)convenient.
C)simplifications.
D)abstract.
Q46: The circular flow of economic activity reflects
Q47: Locational models cannot be used to explain:
A)the
Q48: In economics, self interest is a:
A)positive assumption.
B)normative
Q49: Competition is:
A)the consequence of "more is better."
B)utterly
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