"Ceteris paribus" assumption means
A) the role of rational self-interest in the economy.
B) that nothing else changes except the variables under consideration.
C) relying on real-world data in evaluating the usefulness of a model.
D) analysis that is strictly limited to making either purely descriptive statements or scientific predictions.
Correct Answer:
Verified
Q202: A characteristic of a good model is
Q205: To be useful, a model must
A)predict accurately
Q207: Economics is called an empirical science because
A)economists
Q208: The hypothesis that people are nearly, but
Q210: Models must
A) be able to yield useable
Q211: A difference between biology and economics is
Q213: Which of the following statements is NOT
Q213: Economic models are NOT used to
A)explain economic
Q216: A good economic model
A) cannot be refuted.
B)
Q220: Which of the following best describes how
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