Which of the following is the most accurate statement about economic models?
A) Economic models attempt to mirror reality exactly.
B) Economic models are useful, but should not be used for policymaking.
C) Economic models omit many details to allow us to see what is truly important.
D) Economic models cannot be used in the real world because they omit details.
Correct Answer:
Verified
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
Q25: Which of the following is NOT true
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
Q31: What are the foundation stones from which
Q36: What do good economic models do?
A) They
Q38: What is a model?
A) a theoretical abstraction
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