A model can be accurately described as a
A) theoretical abstraction with very little value.
B) device that is useful only to the persons who created it.
C) realistic and carefully constructed theory.
D) simplification of reality.
Correct Answer:
Verified
Q22: When studying the effects of changes in
Q34: The goal of an economist who formulates
Q35: Economic models
A)cannot be useful if they are
Q36: Which types of models are built with
Q39: The 1973 war in the Middle East
Q40: Just like models constructed in other areas
Q41: In a circular-flow diagram,
A)taxes flow from households
Q42: In the simple circular-flow diagram,the participants in
Q50: Economists build economic models by
A)generating data.
B)conducting controlled
Q75: Which of these terms are used interchangeably?
A)"goods
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