A good economic theory:
A) approaches reality in all its complexity.
B) involves so much distortion of reality that it is worthless.
C) focuses on the unique aspects of each situation.
D) involves some simplification of reality.
E) bears no relation to reality.
Correct Answer:
Verified
Q63: The other-things-constant assumption:
A)allows the economist to make
Q65: The economic behavior of individual decision makers
Q66: Microeconomics is the study of:
A)marginal or inferior
Q67: An economic model that sometimes makes incorrect
Q69: You currently subscribe to two magazines and
Q71: When constructing an economic model,economists:
A)rely mostly on
Q73: All economic models must involve simplifications because:
A)economists
Q97: An economic model
A)omits critical elements
B)must be presented
Q102: Economic theory
A)expresses normative values
B)invents imaginative and interesting
Q106: An economic model is useful if it
A)includes
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