Economic models are only useful in analyzing government policy.
A) True. Individuals are irrational and therefore economic models are useless.
B) False. Economic models can be used to predict individual and firm behavior.
C) True. Economists only model those questions for which they are hired.
D) False. Economic models are not even useful in analyzing government policy.
Correct Answer:
Verified
Q38: If an important assumption is omitted from
Q39: Economic modeling requires
A) mathematics.
B) logic.
C) calculus.
D) trigonometry.
Q40: Economic models are most useful in
A) predicting
Q41: If a model fits reality but doesn't
Q42: Governments may use microeconomic models to study
Q44: Describe in words the anatomy of an
Q45: Which of the following can be analyzed
Q46: If actual experience supports two competing theories,then
Q47: Firms do NOT use microeconomic models to
A)
Q48: Economic models are only applicable to free-market
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