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When constructing an economic model, economists

When constructing an economic model, economists
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Solution Guide / Answer Key:

ECONOMICS

Multiple Choice

           When constructing an economic model, economists

a.

rely mostly on their own value judgments and ignore the far more complex world of facts

b.

always try to duplicate reality by including all available information

c.

use assumptions that are true for the individual but never true for the whole economy

d.

must rely on simplifying assumptions that abstract from the complexity of the real world

e.

are primarily concerned with making realistic assumptions

 

           FILE: MS WORD

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