Economics For Today
10th Edition
ISBN: 9781337613040
Author: Tucker
Publisher: Cengage Learning
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Chapter 1, Problem 13SQ
To determine
Which is the last step in the model building process.
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Models are used to describe cause-and-effect relationships
a. True
b. False
Give an example (besides the ones noted in the text) of a mental model, a visual model, and a mathematical or spreadsheet model.
An economic model is a complex version of reality used to analyse real world economic situation
True or False
Chapter 1 Solutions
Economics For Today
Ch. 1.6 - Prob. 1.1YTECh. 1.6 - Prob. 2.1YTECh. 1.6 - Prob. 2.2YTECh. 1.6 - Prob. 2.3YTECh. 1.A - Prob. 1SQPCh. 1.A - Prob. 2SQPCh. 1.A - Prob. 1SQCh. 1.A - Prob. 2SQCh. 1.A - According to Exhibit A-5, what is the relationship...Ch. 1.A - Prob. 4SQ
Ch. 1.A - Prob. 5SQCh. 1.A - Prob. 6SQCh. 1.A - Prob. 7SQCh. 1.A - Straight line AB in Exhibit A-6 shows that a....Ch. 1.A - Prob. 9SQCh. 1.A - Prob. 10SQCh. 1.A - Prob. 11SQCh. 1.A - Prob. 12SQCh. 1.A - Prob. 13SQCh. 1.A - Straight line AB in Exhibit A-7 shows that a....Ch. 1.A - Prob. 15SQCh. 1.A - Prob. 16SQCh. 1.A - Prob. 17SQCh. 1.A - Prob. 18SQCh. 1.A - Prob. 19SQCh. 1.A - Prob. 20SQCh. 1 - Prob. 1SQPCh. 1 - Prob. 2SQPCh. 1 - Prob. 3SQPCh. 1 - Prob. 4SQPCh. 1 - Prob. 5SQPCh. 1 - Prob. 6SQPCh. 1 - Prob. 7SQPCh. 1 - Prob. 8SQPCh. 1 - Which of the following illustrates the concept of...Ch. 1 - Prob. 2SQCh. 1 - Prob. 3SQCh. 1 - Prob. 4SQCh. 1 - Prob. 5SQCh. 1 - Prob. 6SQCh. 1 - Prob. 7SQCh. 1 - Prob. 8SQCh. 1 - Prob. 9SQCh. 1 - Prob. 10SQCh. 1 - Prob. 11SQCh. 1 - Prob. 12SQCh. 1 - Prob. 13SQCh. 1 - Prob. 14SQCh. 1 - Prob. 15SQCh. 1 - Prob. 16SQCh. 1 - Prob. 17SQCh. 1 - Prob. 18SQCh. 1 - Prob. 19SQCh. 1 - Prob. 20SQ
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- Economic models A) are people who act out the behavior of firms and households so that economists can study this behavior. b) are usually detailed replications of reality. C)are useful to researchers but not to teachers because economic models omit many details of the real-world economy. D )incorporate simplifying assumptions that often contradict reality, but also help economists better understand reality.arrow_forwardEconomic models A are complicated because human behavior is complicated. B are simplifications of the phenomena they attempt to explain. C are exactly the same as the phenomena they describe. D require either algebra or graphs.arrow_forwardWhich of the following is not correct about most economic models? A) They are composed of equations and diagrams. B) They contribute very little to economist's understanding. C) They omit many features of the real world economy. D) In constructing models, economists make assumptions.arrow_forward
- Explain the difference(s) between an economic and an econometric model.arrow_forwardA teacher observes that the mitterm grades of students in the class varies depending on “the number of classes that the student takes”, “the difficulty of the assignments”, and the “stress experienced by the student”. She assigns to you the task of doing a research project on this and wants you to do the following: a. Give the project a suitable title b. What is the research question? c. Clearly label the variables (dependent and independent) d. Develop three hypothesesarrow_forwardWhat do you understand by Economic Planning? Explain Planning by Combination of Direction and Inducement.arrow_forward
- Which of the following statements are correct? In economics, a model is a simplified representation (diagrammatical or physical) that helps us to understand what is going on by focusing attention on what is important. See the steps of how to build a model (Unit 2.2). Ceteris paribus is an assumption used in economic models in which the important variables that you are focusing on are kept constant. An equilibriumis a self-perpetuating situation that does not change, even when a force for change is introduced from the outside that alt An equilibriumis a self-perpetuating situation that does not c basic data describing the situation. You selected this answer. An equilibrium is a self-perpetuating situation that does not change unlessa force for change is introduced from the outside that alters the basic data describing the situation. An economic rent is the benefit you receive above what you would have earned from your reservation option.arrow_forwardExplain the term models or paradigms?arrow_forwardWhich of the following statements about economic models is correct? a) models are built to mirror exact reality b) models are useful, but they should not be used for the purpose of improving public policies c) models seldom incorporate equations or diagrams d) economic models omit many details, therefore they allow us to see what is truly importantarrow_forward
- Which of the statements best describes an exogenous variable in an economic model? An exogenous variable is a variable whose value does not have a relationship with the other variables in the model. An exogenous variable is a variable whose value is not included in the model An exogenous variable whose value does not change as the state of the economy changes An exogenous variable is a variable whose value does change as the stae of the economy changesarrow_forwardEconometric models have nothing to do with the reality." What say you?arrow_forwardobjectives of decision making units of economicsarrow_forward
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