Which of the following is the most accurate statement about economic models?
A) economic models attempt to mirror reality as closely as possible
B) economic models are useful, but should not be used for policymaking
C) economic models cannot be used in the real world because they omit details
D) economic models omit many details to allow us to see what is important
Correct Answer:
Verified
Q47: If an economist develops a theory about
Q48: If Lauren builds a circular-flow diagram including
Q49: The rationale for using assumptions in economics
Q52: In constructing models, economists must:
A) employ simplifying
Q53: The art of scientific thinking involves:
A) deciding
Q61: The circular-flow diagram is a type of
Q62: An economic outcome is said to be
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