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:

Tax Lowered

The reduction of the rates at which individuals or corporations are taxed by the government.

Demand and Supply

Refers to the economic model that determines the price of goods in a market based on the quantity demanded by consumers and the quantity supplied by producers.

False and Deceptive

Activities or practices that intentionally mislead consumers or misrepresent facts for gain.

Bill of Rights

A collective name for the first ten amendments to the United States Constitution, guaranteeing such rights as the freedoms of speech, assembly, and worship.