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Author Question: To be useful, a model must be completely realistic. Evaluate. What will be an ideal ... (Read 94 times)

silviawilliams41

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on: Jun 29, 2018
To be useful, a model must be completely realistic. Evaluate.
 
  What will be an ideal response?

Question 2

Some resources are better suited to produce certain goods than other resources. This fact leads to
 
  A) a linear production possibilities curve.
  B) inefficiency in the economy.
  C) the law of increasing additional cost.
  D) increases in technology.


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samiel-sayed

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Reply #1 on: Jun 29, 2018
Answer to Question 1

This statement is incorrect. To be useful, a model must capture key real-world elements but cannot account for every detail of the real world. The model should capture the essential relationships that enable us to analyze the problem with which we are concerned. A model is useful so long as it sheds light on the central forces at work.

Answer to Question 2

C


silviawilliams41

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Reply #2 on: Jun 29, 2018
Correct answers!


samiel-sayed

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Reply #3 on: Jun 29, 2018
Great! Please up vote :D


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