Please label the following statements regarding economic models as true or false. Economic models eliminate details that are irrelevant to expose the aspects of the relationship that are important to the problem posed. Because resources are scarce relative to wants, the study of economics concernshow individuals, businesses, and governments make choices.Under a pure price system, the decision of resource allocations is made by,The assumption that people do not intentionally make decisions that would leave them worse off is known asDo economists analyze people's thought processes or do they look at what people actually do?economists focus on what people do, not there thought processesThe potential rewards that are available to an individual if a particular activity is undertaken are knows asWhich of the following statements concerning economic models is FALSE?economic models are based on pure fact and no assumptionsThe ceteris paribus assumption is important in economics becauseit would be impossible to relate the effects of changes in one variable on another without holding some variables constant.economists study real-world evidence to test their models.What would lead an economist to conclude that Theory A is superior to Theory B?Theory A predicts real-world events better than Theory B doesWhich of the following statements is a normative as opposed to a positive economic statement?labor unions should be allowed to organize in every industryWhen two variables have a direct relationship, the slopeThe difference between scarcity and shortage is thatscarcity always is a part of human life while shortages usually are temporary.Economic growth appears on a production possibilities curve asThe value of the best alternative sacrificed to obtain something you want is referred to asHow does an economy represented by a straight-line production possibilities curve differ from one represented by a traditional production possibilities curve with a bowed shape?In the economy represented by a straight-line production possibilities curve, the law of increasing relative cost does not apply.A point inside a society's production possibilities curve represents anSome resources are better suited to produce certain goods then other resources. Mariaʹs model has very realistic assumptions and is quite complex. Which of the following statements concerning economic models is FALSE?

Annaʹs model predicts correctly 15% of the time. The rural wage initially remains constant b. Which of the following statements is FALSE? C.

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3. D) resources.In economics, all the items that people would consume if they had unlimited income are known asIn economics, ________ are limited but ________ are unlimited.Economics is a part of the A) social sciences.

"ʺIf A occurs then B will followʺ is a A) positive statement. A) Consumer spending generates more jobs. Which of the following statements is false?

4.

C. The government owns some large industries such as health care and the railroads.
B) Adam Smith.How could Adam Smithʹs comment about the butcher, the brewer, and the baker be accurately rephrased in modern terms?Another term for ʺeconomic modelsʺ is A) economic designs. D) infinity.Consider the statement, ʺThe number of beers consumed the night before a test affects the grade.ʺ In this statementThe relationship between beers consumed the night before an exam and test grade will be graphed as

Which of the following statements concerning economic models is FALSE? True/False Quiz.

d) All economic models are based on the same assumptions.Oh so which you basically take a seat right here and ask those questions that noone ever could answer and you basically snigger at human beings like me who tried to examine all of the words in the question till now you found out its not even a real one? a.

The economic way of thinking will help you A) make decisions in financing your home.Economics can be described as the study of how people use ________ resources to satisfy ________ wants.In economics, items that are used to produce goods and services are known as A) wants. Which of the following statements about economic models is FALSE? a) The purpose of economic models is to show how endogenous variables affect exogenous variables.

a. true b. A) In order to reduce the budget deficit, tax rates should be increased.Which of the following statements is a positive economic statement?Which of the following statements is a normative as opposed to a positive economic statement?
A.

Both the Ricardian growth model and the Lewis model share the assumption that population growth will outpace food production in the long run. c) Economists use different models to address different questions.

Statement (c) is false since increasing carrying costs result from larger inventories which means that shortages would be less likely, not more likely.

C) zero. The following statement about socialism is false: The government tells people where to work. When two variables have a … C. The government owns some large industries such as health care and the railroads.

B. This answer has been confirmed as correct and helpful.One of the benefits that the Mongols brought to Russian lands was defense against German adventurers.This answer has been confirmed as correct and helpful.This answer has been confirmed as correct and helpful.Weegy: To be issued a motorcycle license you must have at least a regular Class E operator's driver license. Which of the following statements is false? Mariaʹs model correctly predicts gas price increases 5% of the time. Economic models relate to behavior rather than to individual thought processes.

3. D. People can own private property.

c) Testing economic models is rarely tricky. B) positive.

2. B) Economic models are based on pure fact and no assumptions.


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