Economic theory
A) expresses normative values
B) invents imaginative and interesting stories
C) predicts the behavior of a specific economic decision maker after an economic change
D) predicts the average behavior of a group of similar economic decision makers after an economic change
E) uses only perfect and complete information
Correct Answer:
Verified
Q97: An economic model
A)omits critical elements
B)must be presented
Q98: Which of the following is a microeconomic
Q99: The behavior of the entertainment industry in
Q100: Theory seeks to
A)simplify a complex reality
B)confront reality
Q101: In an economic model of consumer behavior,
Q103: Behavioral assumptions
A)make economic models more complex than
Q104: The other-things-constant assumption
A)allows the economist to make
Q105: Which of the following is not a
Q106: An economic model is useful if it
A)includes
Q107: The assumption of rational self-interest means that
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