Which is true about models used by economists?
A) they cannot be useful to economists if they are based on false assumptions
B) they make the economics profession more difficult than necessary
C) they allow economists to learn how the economy works
D) they must include every possible variable in the economy to be useful to economists
Correct Answer:
Verified
Q4: Why do economists make assumptions?
A) to diminish
Q16: What is a common thread between economics
Q18: What would be the best statement about
Q19: If an economist develops a theory about
Q19: Where do the most common data for
Q22: Why do economists use models?
A)to learn how
Q23: What does a circular-flow diagram do?
A)It illustrates
Q25: Which of the following is NOT true
Q26: Which of the following is the most
Q38: What is a model?
A) a theoretical abstraction
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