Which statement best describes 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
Q30: What does a circular-flow diagram do?
A) It
Q31: What makes a model compelling?
A) its application
B)
Q32: In the simple circular-flow diagram, who are
Q33: What are the foundation stones from which
Q34: What are factors of production?
A) positive or
Q36: What do good economic models do?
A) They
Q37: What have economists often observed while studying
Q38: What is a model?
A) a theoretical abstraction
Q39: Why do economists use models?
A) to learn
Q40: When studying the effects of public policy
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