Which of the following is not true about most economic models?
A) They are composed of equations and diagrams.
B) They contribute very little to economists' understanding of the real world.
C) They omit many features of the real-world economy.
D) In constructing models, economists make assumptions.
Correct Answer:
Verified
Q22: When studying the effects of changes in
Q26: One thing economists do to help them
Q28: Which of the following statements is true?
A)Few
Q29: Historical episodes are
A)valuable to economists, primarily because
Q34: The goal of an economist who formulates
Q35: For an economist,the idea of making assumptions
Q35: Economic models
A)cannot be useful if they are
Q36: The decision of which assumptions to make
Q44: In building economic models,economists often omit
A)assumptions.
B)theories.
C)details.
D)equations.
Q49: Which of the following statements about models
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