Economic Models Are

question 306

Multiple Choice

Economic models are

• A) always based on laboratory methods similar to natural sciences.
• B) a simplified representations of the real world.
• C) used only in conducting experiments about how people behave.
• D) used in macroeconomic analysis but not in microeconomic analysis.

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Definitions:

Material's Ability

The inherent properties and characteristics of a material that determine its suitability for specific applications or performances.

Permeability

A measurement of a material’s ability to conduct magnetic lines of flux. The standard is air, which has a permeability of 1.

Reluctance

Resistance to magnetism.

Resistance

A measure of an object's opposition to the flow of electric current, resulting in electrical energy being dissipated as heat.