Economic Models

question 175

Multiple Choice

Economic models

• A)are not useful because they omit many real-world details.
• B)are usually composed of diagrams and equations.
• C)are useful because they do not omit any real-world details.
• D)are usually plastic representations of the economy.

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Definitions:

Free-enterprise Economy

An economic system in which private business operates in competition and largely free of state control, with the right to buy, sell, and conduct business.