To ascertain: The situation when an economist considers the usefulness of economic model.
Explanation of Solution
If an economic model helps in analyzing the workings of the real world, then it is considered useful. For instance, people study the model of
Introduction:
An economic model refers to the simplified form of reality that helps to observe and predict about economic variables.
Chapter 1 Solutions
Economics Today and Tomorrow, Student Edition
Additional Business Textbook Solutions
Financial Accounting (12th Edition) (What's New in Accounting)
Horngren's Cost Accounting: A Managerial Emphasis (16th Edition)
Cost Accounting (15th Edition)
Principles of Accounting Volume 2
Managerial Accounting (4th Edition)
Principles of Management
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