All economic models must involve simplifications because
a. economists would be unable to command high salaries if their models were so simple that anyone could understand them
b. human behavior is very erratic and unpredictable
c. reality is too complex to understand in its entirety, so we must reduce it to a level that we can understand
d. they always try to duplicate all possible information and cover all possible variables that might influence decision making
e. we must rely on value judgments and ignore reality
Question 2
When constructing an economic model, economists
a. rely mostly on their own value judgments and ignore the far more complex world of facts
b. always try to duplicate reality by including all available information
c. use assumptions that are true for the individual but never true for the whole economy
d. must rely on simplifying assumptions that abstract from the complexity of the real world
e. are primarily concerned with making realistic assumptions
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economic question
economic question