Microeconomics
2nd Edition
ISBN: 9780073375854
Author: B. Douglas Bernheim, Michael Whinston
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Chapter 1, Problem 5DQ
To determine
Classify the statement as a model or not a model.
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Economics is concerned with
A. All the given answers
B. the effects of changes in opurtunity cost on decisions
C. the competition that scarcity makes necessary
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Which of the following makes economics an art?
a.
Practical use
b.
Value judgment
c.
Objectivity of statements
d.
Capability of measurement
What are the human behaviors economists should observe when creating economic models? Example: people tend to find solutions that are good enough, but not the best solutions..
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