Economic models claim to be:
A) reasonable abstractions of how people make choices, highlighting the most important factors.
B) exact replications of the decision-making process people use.
C) interesting chalkboard exercises with little applicability to the real world.
D) exceptionally accurate methods of predicting nearly all behavior of everyone.
Correct Answer:
Verified
Q37: Economists use abstract models because:
A)every economic situation
Q42: Suppose a person makes a choice that
Q43: Matt has decided to purchase his textbooks
Q45: Your classmates from the University of Chicago
Q46: Most of us make sensible decisions most
Q48: Your classmates from the University of Chicago
Q49: Pat earns $25,000 per year (after taxes),
Q50: Most people make some decisions based on
Q51: Economic models are intended to:
A) apply to
Q59: Your classmates from the University of Chicago
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents