Macroeconomics
13th Edition
ISBN: 9781337617390
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 20.3, Problem 2ST
To determine
Determine the five-step process to building a theory.
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Why is it important for us to use models when studying economics?
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
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Differentiate economics as a social science and applied science?
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- Relationship between economic geography and economicsarrow_forwardWhat are some of the primary ideas of philosopher Karl Marx? What did Marx see during his lifetime that might have led to his ideas?arrow_forwardSuppose you and your brother go out for dinner. Your brother orders a cheeseburger and fries. When the food first arrives, you ask your brother if you can have a few fries. He looks at you like you're crazy, and says, "No!" Then a few minutes later, after you've both started eating, you ask again, and your brother reluctantly says, "Sure. Go ahead." An economist's explanation for your brother's change of heart is most likely to be that your brother's marginal utility from eating additional french fries declines as he eats more of them, so he's more likely to share with you after he's eaten a few. your brother's total utility increases as he eats more french fries, so he's more likely to share with you after he's eaten a few. your brother's marginal utility from eating additional french fries increases as he eats more of them, so he's more likely to share with you after he's eaten a few. your brother's total utility declines as he eats more french fries, so…arrow_forward
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