The definition of an economic model.

Question

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Answer 1

Question

Chapter 2, Problem 1CQQ

To determine

The definition of an economic model.

Expert Solution & Answer

Answer to Problem 1CQQ

Option “c” is correct.

Explanation of Solution

Option (c):

The economic model can be defined as the simplified representation of some aspects of an economy or a simplified framework of a real, complex world. The economist uses the models for the generation of different economic ideas, new concepts, formulation of new principles, solving the questions in the economy, forecasting demand patterns, and so forth. Sometimes, economists use an existing model to analyze a real world problem or issues, but in other cases, they have to develop new models. Thus, option “c” is correct.

Option (a):

An economic model is not a mechanical machine that replicates the functioning of the economy but is just model of a real situation of economy that is made by an economist. Thus, option “a” is incorrect.

Option (b):

An economic model is not a fully-detailed, realistic description of the economy, as it is a representation of a real, complex situation. But, it can’t describe the reality precisely. Thus, option “b” is incorrect.

Option (d):

A model is not a computer program for predicting the future of the economy. It is a small, simplified version of different economic aspects. Thus, option “d” is incorrect.

Economics Concept Introduction

Concept introduction:

Economic model: Economic models are the simplified versions of reality used to analyze real-world economic situation and issues.

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02:56

Students have asked these similar questions

Why do economists use models? to learn how the economy works to attract the attention of government officials to make economics accessible to the public to make sure that all of the details of the economy are included in their analysis Next Page Page 20 of 21

Choose a simple economic term and explain it.

Which statement is not true about the use of models in economics? 1. They are based on simplifying assumptions. 2. They are used to forecast economic variaables such as GDP growth. 3. They must closely mirror real life in order to be informative. 4. There are often multiple models that seek to explain the same economic phenomena. 5. They are usually represented graphically

Answer 2

Question

Chapter 2, Problem 1CQQ

To determine

The definition of an economic model.

Expert Solution & Answer

Answer to Problem 1CQQ

Option “c” is correct.

Explanation of Solution

Option (c):

The economic model can be defined as the simplified representation of some aspects of an economy or a simplified framework of a real, complex world. The economist uses the models for the generation of different economic ideas, new concepts, formulation of new principles, solving the questions in the economy, forecasting demand patterns, and so forth. Sometimes, economists use an existing model to analyze a real world problem or issues, but in other cases, they have to develop new models. Thus, option “c” is correct.

Option (a):

An economic model is not a mechanical machine that replicates the functioning of the economy but is just model of a real situation of economy that is made by an economist. Thus, option “a” is incorrect.

Option (b):

An economic model is not a fully-detailed, realistic description of the economy, as it is a representation of a real, complex situation. But, it can’t describe the reality precisely. Thus, option “b” is incorrect.

Option (d):

A model is not a computer program for predicting the future of the economy. It is a small, simplified version of different economic aspects. Thus, option “d” is incorrect.

Economics Concept Introduction

Concept introduction:

Economic model: Economic models are the simplified versions of reality used to analyze real-world economic situation and issues.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

02:56

Answer 3

Question

Chapter 2, Problem 1CQQ

To determine

The definition of an economic model.

Expert Solution & Answer

Answer to Problem 1CQQ

Option “c” is correct.

Explanation of Solution

Option (c):

The economic model can be defined as the simplified representation of some aspects of an economy or a simplified framework of a real, complex world. The economist uses the models for the generation of different economic ideas, new concepts, formulation of new principles, solving the questions in the economy, forecasting demand patterns, and so forth. Sometimes, economists use an existing model to analyze a real world problem or issues, but in other cases, they have to develop new models. Thus, option “c” is correct.

Option (a):

An economic model is not a mechanical machine that replicates the functioning of the economy but is just model of a real situation of economy that is made by an economist. Thus, option “a” is incorrect.

Option (b):

An economic model is not a fully-detailed, realistic description of the economy, as it is a representation of a real, complex situation. But, it can’t describe the reality precisely. Thus, option “b” is incorrect.

Option (d):

A model is not a computer program for predicting the future of the economy. It is a small, simplified version of different economic aspects. Thus, option “d” is incorrect.

Economics Concept Introduction

Concept introduction:

Economic model: Economic models are the simplified versions of reality used to analyze real-world economic situation and issues.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

02:56

Answer 4

Question

Chapter 2, Problem 1CQQ

To determine

The definition of an economic model.

Expert Solution & Answer

Answer to Problem 1CQQ

Option “c” is correct.

Explanation of Solution

Option (c):

The economic model can be defined as the simplified representation of some aspects of an economy or a simplified framework of a real, complex world. The economist uses the models for the generation of different economic ideas, new concepts, formulation of new principles, solving the questions in the economy, forecasting demand patterns, and so forth. Sometimes, economists use an existing model to analyze a real world problem or issues, but in other cases, they have to develop new models. Thus, option “c” is correct.

Option (a):

An economic model is not a mechanical machine that replicates the functioning of the economy but is just model of a real situation of economy that is made by an economist. Thus, option “a” is incorrect.

Option (b):

An economic model is not a fully-detailed, realistic description of the economy, as it is a representation of a real, complex situation. But, it can’t describe the reality precisely. Thus, option “b” is incorrect.

Option (d):

A model is not a computer program for predicting the future of the economy. It is a small, simplified version of different economic aspects. Thus, option “d” is incorrect.

Economics Concept Introduction

Concept introduction:

Economic model: Economic models are the simplified versions of reality used to analyze real-world economic situation and issues.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

02:56

Answer 5

Chapter 2, Problem 1CQQ

To determine

The definition of an economic model.

Expert Solution & Answer

Answer to Problem 1CQQ

Option “c” is correct.

Explanation of Solution

Option (c):

The economic model can be defined as the simplified representation of some aspects of an economy or a simplified framework of a real, complex world. The economist uses the models for the generation of different economic ideas, new concepts, formulation of new principles, solving the questions in the economy, forecasting demand patterns, and so forth. Sometimes, economists use an existing model to analyze a real world problem or issues, but in other cases, they have to develop new models. Thus, option “c” is correct.

Option (a):

An economic model is not a mechanical machine that replicates the functioning of the economy but is just model of a real situation of economy that is made by an economist. Thus, option “a” is incorrect.

Option (b):

An economic model is not a fully-detailed, realistic description of the economy, as it is a representation of a real, complex situation. But, it can’t describe the reality precisely. Thus, option “b” is incorrect.

Option (d):

A model is not a computer program for predicting the future of the economy. It is a small, simplified version of different economic aspects. Thus, option “d” is incorrect.

Economics Concept Introduction

Concept introduction:

Economic model: Economic models are the simplified versions of reality used to analyze real-world economic situation and issues.

Answer 6

Chapter 2, Problem 1CQQ

To determine

The definition of an economic model.

Expert Solution & Answer

Answer to Problem 1CQQ

Option “c” is correct.

Explanation of Solution

Option (c):

The economic model can be defined as the simplified representation of some aspects of an economy or a simplified framework of a real, complex world. The economist uses the models for the generation of different economic ideas, new concepts, formulation of new principles, solving the questions in the economy, forecasting demand patterns, and so forth. Sometimes, economists use an existing model to analyze a real world problem or issues, but in other cases, they have to develop new models. Thus, option “c” is correct.

Option (a):

An economic model is not a mechanical machine that replicates the functioning of the economy but is just model of a real situation of economy that is made by an economist. Thus, option “a” is incorrect.

Option (b):

An economic model is not a fully-detailed, realistic description of the economy, as it is a representation of a real, complex situation. But, it can’t describe the reality precisely. Thus, option “b” is incorrect.

Option (d):

A model is not a computer program for predicting the future of the economy. It is a small, simplified version of different economic aspects. Thus, option “d” is incorrect.

Economics Concept Introduction

Concept introduction:

Economic model: Economic models are the simplified versions of reality used to analyze real-world economic situation and issues.

Answer 7

Chapter 2, Problem 1CQQ

To determine

The definition of an economic model.

Answer 8

Expert Solution & Answer

Answer to Problem 1CQQ

Option “c” is correct.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Option (c):

The economic model can be defined as the simplified representation of some aspects of an economy or a simplified framework of a real, complex world. The economist uses the models for the generation of different economic ideas, new concepts, formulation of new principles, solving the questions in the economy, forecasting demand patterns, and so forth. Sometimes, economists use an existing model to analyze a real world problem or issues, but in other cases, they have to develop new models. Thus, option “c” is correct.

Option (a):

An economic model is not a mechanical machine that replicates the functioning of the economy but is just model of a real situation of economy that is made by an economist. Thus, option “a” is incorrect.

Option (b):

An economic model is not a fully-detailed, realistic description of the economy, as it is a representation of a real, complex situation. But, it can’t describe the reality precisely. Thus, option “b” is incorrect.

Option (d):

A model is not a computer program for predicting the future of the economy. It is a small, simplified version of different economic aspects. Thus, option “d” is incorrect.