Economic theory
a. expresses normative values
b. invents imaginative and interesting stories
c. predicts the behavior of a specific economic decision maker after an economic change
d. predicts the average behavior of a group of similar economic decision makers after an economic change
e. uses only perfect and complete information
Question 2
A model that sometimes makes incorrect predictions may be used by economic decision makers
a. under no circumstances
b. only if its assumptions are detailed and realistic
c. if it is mathematical and computerized
d. if it is simple enough for a child to understand
e. until a better model is developed
Early cities were small economic centers surrounded by walls to keep out enemies. These cities had ...
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