Author Question: Which is NOT true about the use of economic models? A) Economic models are simplified ... (Read 151 times)

Capo

  • Hero Member
  • *****
  • Posts: 545
Which is NOT true about the use of economic models?
 
  A) Economic models are simplified representations of the real world.
  B) Economists always use experiments in science laboratories to test their theories.
  C) Economists use what has already happened in the real world to test their theories.
  D) Economists are employed to explain economic phenomena but are never used to predict what might happen next.

Question 2

Refer to the above figures. A positive externality exists that has not been corrected. Price and quantity will be
 
  A) P1 and Q1.
  B) P2 and Q2.
  C) P3 and Q3.
  D) P4 and Q4.



jlaineee

  • Sr. Member
  • ****
  • Posts: 380
Answer to Question 1

D

Answer to Question 2

C



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Sperm cells are so tiny that 400 to 500 million (400,000,000–500,000,000) of them fit onto 1 tsp.

Did you know?

Stevens-Johnson syndrome and Toxic Epidermal Necrolysis syndrome are life-threatening reactions that can result in death. Complications include permanent blindness, dry-eye syndrome, lung damage, photophobia, asthma, chronic obstructive pulmonary disease, permanent loss of nail beds, scarring of mucous membranes, arthritis, and chronic fatigue syndrome. Many patients' pores scar shut, causing them to retain heat.

Did you know?

Many people have small pouches in their colons that bulge outward through weak spots. Each pouch is called a diverticulum. About 10% of Americans older than age 40 years have diverticulosis, which, when the pouches become infected or inflamed, is called diverticulitis. The main cause of diverticular disease is a low-fiber diet.

Did you know?

Medication errors are more common among seriously ill patients than with those with minor conditions.

Did you know?

Throughout history, plants containing cardiac steroids have been used as heart drugs and as poisons (e.g., in arrows used in combat), emetics, and diuretics.

For a complete list of videos, visit our video library