A simplified representation that is used to study a real situation is called a(n) :
A) model.
B) production possibility frontier.
C) assumption.
D) trade-off.
Correct Answer:
Verified
Q3: The production possibility frontier illustrates that:
A)the economy
Q4: When building a model,economists:
A)simplify reality to highlight
Q5: An economic model:
A)is useful for explaining past
Q6: A simplified version of reality that is
Q7: The financial meltdown of 2008-2009:
A)was accurately predicted
Q9: The models used in economics:
A)are always limited
Q10: Before 2000,the mortgage-backed securities market was relatively
Q11: A mortgage-backed security is an asset that:
A)only
Q12: The financial crisis of 2008 showed that:
A)models
Q13: The importance of an economic model is
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