In constructing models,economists
A) leave out equations,since equations and models tend to contradict one another.
B) ignore the long run,since models are useful only for short-run analysis.
C) make assumptions that are contrary to features of the real world.
D) try to include every feature of the economy.
Correct Answer:
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Q41: The circular-flow diagram is a
A)visual model of
Q43: Just like models constructed in other areas
Q44: In building economic models,economists often omit
A)assumptions.
B)theories.
C)details.
D)equations.
Q45: Which types of models are built with
Q48: Which of the following statements is correct?
A)Few
Q50: Economists build economic models by
A)generating data.
B)conducting controlled
Q52: Economic models
A)are people who act out the
Q55: Economic models
A)are constructed to mirror reality as
Q68: Which of the following statements about the
Q213: In the simple circular-flow diagram, the participants
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