Which of the following is not correct about most economic models?
a. They are composed of equations and diagrams.
b. They contribute very little to economists' understanding of the real world.
c. They omit many features of the real-world economy.
d. In constructing models, economists make assumptions.
b
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In the short run, ________ factors of production are fixed, while in the long run, ________ of them are.
A. some; none B. all; none C. no; at least some D. all; at least some
If OPEC, a group of oil producing nations, cuts oil production to increase the total revenue, OPEC presumes that the demand for oil is
A) perfectly elastic. B) unit elastic. C) elastic. D) inelastic.
Why is it that today it is more difficult to categorize countries into the three neat groups like the one that were used in the 1960s
What will be an ideal response?
An equilibrium occurs in a game when
a. price equals marginal cost b. quantity supplied equals quantity demanded c. all independent strategies counterbalance all determinate strategies d. all players follow a strategy that negates the strategies of at least one other player e. all players follow a strategy that they have no incentive to change