The ultimate purpose of an economic model is to
A) explain reality as completely as possible.
B) establish assumptions that closely resemble reality.
C) help us to understand economic behaviour.
D) guide government policy decisions.
Correct Answer:
Verified
Q2: While the scientific method is applicable to
Q5: Instead of conducting laboratory experiments to generate
Q6: A simplifying assumption
A) affects the important conclusions
Q7: Economists,like mathematicians,physicists,and biologists,
A)make use of the scientific
Q15: An economic model
A) uses equations to understand
Q16: With respect to how economists study the
Q19: Good assumptions simplify a problem without substantially
Q87: When economists are trying to explain the
Q134: Economists make assumptions in order to
A) mimic
Q565: Which of the following is not correct?
A)Economists
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