Which of the following statements is FALSE?
A) Assumptions are conditions held to be true in a model.
B) A model is a setting within which an economic theory is presented.
C) Any time a hypothetical situation is created in a model, the model is invalid.
D) One problem with model building is that important variables may be excluded from the model.
Correct Answer:
Verified
Q96: Which is NOT an example of a
Q97: An economist developing a production possibilities model
Q98: An economist developing a model of how
Q99: Conditions held to be true in developing
Q100: Which of the following best describes a
Q102: A production possibilities table or graph shows:
A)
Q103: A production possibilities curve shows:
A) the two
Q104: Which of the following concepts is illustrated
Q105: The concept of opportunity cost is illustrated
Q106: The concept of unemployment is illustrated in
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