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:

Re-create

To create again or anew, especially in a way that is improved or modified.

Negotiate

To discuss something in an attempt to reach agreement, especially in a business or political context.

Interpret

The act of explaining, understanding, or assigning meaning to something, such as language, actions, or events, often requiring a degree of analysis or contextual knowledge.

Abstract Ideas

Concepts that are not tangible or concrete, existing in thought or as an idea but not having a physical existence.