Author Question: An economic model is useful only if it: a. contains no positive statements. b. captures all the ... (Read 28 times)

geoffrey · **on:** Jun 30, 2018

An economic model is useful only if it:
a. contains no positive statements.
b. captures all the complexities of reality.
c. yields accurate predictions.
d. has both macro- and microeconomic applications.

Question 2

An economic model is defined as:
a. a value judgment.
b. a presentation of all possible relevant real-world variables.
c. a simplified representation of the way in which facts are related.
d. data adjusted for irrational actions.