What is a circular-flow diagram?
A) a visual model of how the economy is organized
B) a mathematical model of how the economy works
C) a model that shows the effects of government on the economy
D) a visual model of the relationship between money, prices, and businesses
Correct Answer:
Verified
Q22: Which of the following is an example
Q22: How do economists begin building an economic
Q23: What makes a model compelling?
A)its mathematical structure
B)its
Q24: Which of the following best describes economic
Q28: Which of the following best describes economic
Q29: Which of the following is NOT a
Q32: What happens when scientists make good assumptions?
A)They
Q33: What are the foundation stones from which
Q34: What can good assumptions do?
A)cause economists to
Q38: What is a model?
A) a theoretical abstraction
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