1) An economic model: A) generalizes about economic behavior. B) is directed at

Question

1) An economic model:

A)         generalizes about economic behavior.

B)         is directed at specific situations.

C)         makes use of advanced physics.

D)        is never used in general situations.

Please provide the answer and explanations

2) Economic models must:

A)         be completely realistic to be useful.

B)         include all relationships that exist in the relevant thing to be modeled.

C)           completely represent the real world.

D)        rely on the ceteris paribus assumption.

Please Provide the answer and explanations.

A pr 3) Prduction possibilities curve that is a straight line results from:

A)                  always exchanging at constant costs.

B)                  always exchanging at increasing costs.

C)                  scarcity.

D)                  a negative slope.

Please provide the answer and explanations

duc

Explanation / Answer

1. A Economic models are useful for the following

predict economic behavior
explaain economic behavior
formulate economic policy

2. B

as A and C are not possible practically. A model cannot just rely on supply and demand simplistic assumptions hence D cannot be the answer

3.

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