Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN: 9781337091985
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 2, Problem 3QR
To determine
The reality of economic models.
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Brief Principles of Macroeconomics (MindTap Course List)
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- What good is economic theory if it cannot predict the behavior of a specific individual?arrow_forwardWhat are the human behaviors economists should observe when creating economic models?arrow_forwardHow does Homo Economicus influence economic models? Describe an argument against using Homo Economicus as the basis of economic theory.arrow_forward
- what is the difference between a positive statement and a normative statement?arrow_forwarddifference between macroeconomics and microeconomics.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
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