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Why did Solow model assume At as a black box in economics? Explain in brief.
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- Explain why it is important for an economic modelto be an abstraction from the real world.Explain the term models or paradigms?Using sound economic theory, develop a macroeconomic econometric model that would test the relationshipbetween globalisation and economic development in South Africa. You are to state the a priori expectations ofwhat the model would tell us, and you are to write the model using ‘Word Equation’. Finally, each variable that isincluded must be justified regarding its relevance for being there.
- Y6Two simplifying assumptions are used extensively in economics. What are they?Which of the following statements is/are correct? Because aggregate variables are essentially the sum of variables reflecting numerous individual decisions, microeconomics underpins all macroeconomic models. I. II. Microeconomics underpins all macroeconomic models since macroeconomic decision makers are expected to maximise utility functions when making decisions. Select one: a. O b. O d. Statement II is correct. Both statements I and II are correct. Both statements I and II are incorrect. Statement I is correct.
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