Microeconomics (Book Only)
12th Edition
ISBN: 9781285738307
Author: Roger A. Arnold
Publisher: Cengage Learning
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Question
Chapter 19, Problem 1VQP
To determine
Explain the reasons why no theory perfectly describes the reality.
Expert Solution & Answer
Explanation of Solution
No theory cannot perfectly describe the reality because the main job of a theory is to find why the things in a society are like this or gone like this manner etc. Theory is only a group of principles that lead the real activities in a smooth manner. For example: according to the theory of trade, it explains what it is. But it did not say that how it done by every country. In building a theory, some variables are necessary to be omitted.
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Chapter 19 Solutions
Microeconomics (Book Only)
Ch. 19.3 - Prob. 1STCh. 19.3 - Prob. 2STCh. 19.3 - Prob. 3STCh. 19.6 - Prob. 1STCh. 19.6 - Prob. 2STCh. 19.6 - Prob. 3STCh. 19.10 - Prob. 1STCh. 19.10 - Prob. 2STCh. 19.10 - Prob. 3STCh. 19 - Prob. 1VQP
Ch. 19 - Prob. 2VQPCh. 19 - Prob. 3VQPCh. 19 - Prob. 4VQPCh. 19 - Prob. 5VQPCh. 19 - Prob. 1QPCh. 19 - Prob. 2QPCh. 19 - Prob. 3QPCh. 19 - Prob. 4QPCh. 19 - Prob. 5QPCh. 19 - Prob. 6QPCh. 19 - Prob. 7QPCh. 19 - Prob. 8QPCh. 19 - Prob. 9QPCh. 19 - Prob. 10QPCh. 19 - Prob. 11QPCh. 19 - Prob. 12QPCh. 19 - Prob. 13QPCh. 19 - Prob. 14QPCh. 19 - Prob. 1WNGCh. 19 - Prob. 2WNG
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