A circular-flow model and production possibilities frontier are similar in that
A. neither allows economic analysis to occur.
B. neither can be represented visually on a graph.
C. both make use of assumptions.
D. both make use of complex equations to arrive at solutions.
查看答案
In building economic models, economists often omit
A. assumptions.
B. theories.
C. details.
D. equations.
Economic models
A. are not useful because they omit many real-world details.
B. are usually composed of diagrams and equations.
C. are useful because they do not omit any real-world details.
D. are usually plastic representations of the economy.
The circular-flow diagram is an example of
A. a laboratory experiment.
B. an economic model.
C. a mathematical model.
D. All of the above are correct.
A circular-flow diagram is a model that
A. helps to explain how participants in the economy interact with one another.
B. helps to explain how the economy is organized.
C. incorporates all aspects of the real economy.
D. Both (a) and (b) are correct.
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