According to Application 9.1, "Paying Attention to Models: It's Worth the Effort:"
A) it has been argued that economics and religion are the two main forces shaping the world's history.
B) the influence of economics is significant, and the models used to explain economics should be thoroughly examined and understood.
C) sometimes a person's opinion about the story an economic model tells changes after its assumptions and data are explained in detail.
D) all of the above.
Correct Answer:
Verified
Q1: The four components of model building are:
A)
Q2: The conclusions and policy implications of an
Q3: Which of the following statements is true?
A)
Q4: Assumptions:
A) are a key component of a
Q6: Which of the following statements is most
Q7: The primary conclusion of the classical school
Q8: The position that the economy will automatically
Q9: Classical economists advocate the view that a
Q10: Which of the following statements about the
Q11: An important assumption of classical economic theory
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