An Economic Model Is Useful If It

question 54

Multiple Choice

An economic model is useful if it

• A)includes every detail of reality
• B)involves no unproven assumptions
• C)is expressed in equations
• D)makes accurate predictions
• E)is simple enough to be understood by a child

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Definitions:

Exotic Fish

Aquatic species that are not native to a region, often kept in aquariums or introduced to new habitats, sometimes with ecological impacts.

Public Good

A public good is a commodity or service that is provided without profit to all members of a society, either by the government or a private individual or organization.

Fire-Protection Services

Services provided by firefighters and related personnel intended to protect people and property from fires and other emergencies.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they can be enjoyed by anyone and one person's consumption does not reduce another's.