Which of the Following Is Not Correct About Most Economic

question 63

Multiple Choice

Which of the following is not correct about most economic models?

• A)They are composed of equations and diagrams.
• B)They contribute very little to economists' understanding of the real world.
• C)They omit many features of the real-world economy.
• D)In constructing models,economists make assumptions.

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Definitions:

Prototype

A prototype is an early sample, model, or release of a product built to test a concept or process, serving as a typical example of a category or initial design to be replicated or improved upon.

Attributes

Qualities or features regarded as characteristic or inherent parts of something or someone.

Tolman's View

An approach in psychology proposed by Edward C. Tolman that emphasizes the role of cognition and purposive behavior in understanding learning.

Learning

A relatively permanent change in behavior potential that occurs as a result of experience.