The circular-flow diagram is a
A) visual model of the economy.
B) visual model of the relationships among money,prices,and businesses.
C) model that shows the effects of government on the economy.
D) mathematical model of how the economy works.
Correct Answer:
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Q36: The decision of which assumptions to make
Q37: An example of a price that changes
Q38: An economic theory about international trade that
Q39: The art in scientific thinking is
A)finding the
Q40: Historical episodes are
A)valuable to economists because they
Q42: In constructing models,economists
A)leave out equations,since equations and
Q43: Just like models constructed in other areas
Q44: In building economic models,economists often omit
A)assumptions.
B)theories.
C)details.
D)equations.
Q45: Which types of models are built with
Q46: A model can be accurately described as
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