Which of the following statements is t?
A) Economic theory does not make unrealistic assumptions.
B) Economists should not ignore details while focusing on complex problems.
C) Abstraction forms an important part of economic analysis.
D) The word theory means same for both economists and laymen.
Correct Answer:
Verified
Q143: Economics
A)is a narrowly focused discipline.
B)is a broad-ranging
Q144: In 1971, a bank worker could process
Q146: Abstraction can be thought of as
A)ignoring reality
Q147: What is the appropriate degree of abstraction?
A)The
Q149: To an economist, theory can be thought
Q151: Economists make assumptions because
A)they need to incorporate
Q152: During one winter quarter at Frozen U.,
Q168: The dramatic increase in the standard of
Q173: The process of focusing on only the
Q181: Economic theory
A)is a deliberate simplification of factual
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