An Economic Model Is

question 185

Multiple Choice

An economic model is

• A) a generalization that summarizes all the normative assumptions we make about a particular issue.
• B) a description of some aspect of the economic world that includes only those features of the world that are needed for the purpose at hand.
• C) a statement that describes how the world should be.
• D) a collection of facts that describe the real world.

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Definitions:

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The conception of oneself comprising characteristics, experiences, and various personal attributes that are perceived as 'me' by an individual.

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