To be useful, a model must be completely realistic. Evaluate. ...

[silviawilliams41]

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.

[samiel-sayed]

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]

Correct answers!

[samiel-sayed]

Great! Please up vote