Which of the following is NOT a characteristic of economic models?
A) Models simplify reality.
B) Models can explain how the economy is organized.
C) Models assume away irrelevant details.
D) Models cannot be used to make predictions.
Correct Answer:
Verified
Q22: How do economists begin building an economic
Q22: Why do economists use models?
A)to learn how
Q23: What does a circular-flow diagram do?
A)It illustrates
Q27: In the simple circular-flow diagram, who are
Q32: What happens when scientists make good assumptions?
A)They
Q33: How does a scientist make assumptions?
A)A scientist
Q36: What do good economic models do?
A) They
Q38: What is a model?
A) a theoretical abstraction
Q38: What are factors of production?
A)the mathematical calculations
Q40: When studying the effects of public policy
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