Simplifying assumptions always affect the conclusions derived from an economic model.
Correct Answer:
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Q112: A simplifying assumption
A) affects the important conclusions
Q113: The level of detail in an economic
Q114: An economic model can be described as
A)
Q115: Using economic analysis to help understand world
Q116: Economic models are used primarily to
A) predict
Q118: Economic models typically assume that decision makers
Q119: An economic model
A) uses equations to understand
Q120: One guideline that should be used whenever
Q121: Consider an economic model designed to analyze
Q122: The ultimate purpose of an economic model
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