Which Is Not a Characteristic of a Good Economic Model

question 61

Multiple Choice

Which is not a characteristic of a good economic model?

• A) Focuses on important details
• B) Predicts cause and effect
• C) Utilizes vague assumptions
• D) Describes the world accurately

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Definitions:

Gym Membership

A paid subscription that grants an individual access to a gym's facilities and equipment for a set period of time, promoting physical fitness and health.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they can be used by anyone without preventing others from using them as well.

Not Excludable

A characteristic of a good or service that does not allow producers to prevent its use by non-paying consumers, often leading to market failure.

Free Riders

Individuals who benefit from resources, goods, or services without paying for them, often leading to under-provision or depletion of those resources.