When constructing an economic model,economists:
A) rely mostly on their own value judgments and ignore the far more complex world of facts.
B) always try to duplicate reality by including all available information.
C) use assumptions that are true for the individual but never true for the whole economy.
D) must rely on assumptions for the sake of simplification.
E) are primarily concerned with making realistic assumptions.
Correct Answer:
Verified
Q66: Microeconomics is the study of:
A)marginal or inferior
Q67: An economic model that sometimes makes incorrect
Q68: A good economic theory:
A)approaches reality in all
Q69: You currently subscribe to two magazines and
Q73: All economic models must involve simplifications because:
A)economists
Q74: A good theory seeks to:
A)distort reality in
Q76: Economists employ the scientific method.In part,this means
Q81: A good economic theory
A)has realistic assumptions
B)contains as
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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