If an economist develops a theory about international trade based on the assumption that there are only two countries and two goods:
A) the theory can be useful only in situations involving two countries and two goods
B) it is a total waste of time, since the actual world has many countries trading many goods
C) the theory can be useful in helping economists understand the complex world of international trade involving many countries and many goods
D) the theory can be useful in the classroom, but has no use in the real world
Correct Answer:
Verified
Q43: Economics differs from some of the natural
Q44: Economic models:
A)are of limited use because they
Q45: Sometimes economists who have the same positive
Q46: The parameters chosen by economists may be
Q47: Treating everyone equitably is a common value
Q49: The rationale for using assumptions in economics
Q50: Which of the following does economics NOT
Q51: A survey of business, government and academic
Q52: Economists try to avoid looking at history
Q53: Assumptions are sometimes necessary because:
A)controlled experiments need
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents