Which of the following is NOT true concerning models?
A) Models simplify reality.
B) Models can explain how the economy is organized.
C) Models assume away irrelevant details.
D) Models cannot be used to make predictions.
Correct Answer:
Verified
Q19: If an economist develops a theory about
Q21: Which is true about models used by
Q22: Why do economists use models?
A)to learn how
Q23: What does a circular-flow diagram do?
A)It illustrates
Q26: Which of the following is the most
Q27: In the simple circular-flow diagram, who are
Q28: What is a circular-flow diagram?
A)a visual model
Q29: What is an example of a product
Q36: What do good economic models do?
A) They
Q38: What is a model?
A) a theoretical abstraction
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