Microeconomics
11th Edition
ISBN: 9781260507140
Author: David C. Colander
Publisher: McGraw Hill Education
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Chapter 21, Problem 18QE
To determine
Models, percepts, and theorems.
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Which of the following is not correct about most economic models?
A) They are composed of equations and diagrams.
B) They contribute very little to economist's understanding.
C) They omit many features of the real world economy.
D) In constructing models, economists make assumptions.
Identify and explain three differences between neoclassical economics economics and behavioral economics?
Explain the Heckscher-Ohlin theory using real World examples.
Chapter 21 Solutions
Microeconomics
Ch. 21.1 - Prob. 1QCh. 21.1 - Prob. 2QCh. 21.1 - Prob. 3QCh. 21.1 - Prob. 4QCh. 21.1 - Prob. 5QCh. 21.1 - Prob. 6QCh. 21.1 - Prob. 7QCh. 21.1 - Prob. 8QCh. 21.1 - Prob. 9QCh. 21.1 - Prob. 10Q
Ch. 21 - Prob. 1QECh. 21 - Prob. 2QECh. 21 - Prob. 3QECh. 21 - Prob. 4QECh. 21 - Prob. 5QECh. 21 - Prob. 6QECh. 21 - Prob. 7QECh. 21 - Prob. 8QECh. 21 - Prob. 9QECh. 21 - Prob. 10QECh. 21 - Prob. 11QECh. 21 - Prob. 12QECh. 21 - Prob. 13QECh. 21 - Prob. 14QECh. 21 - Prob. 15QECh. 21 - Prob. 16QECh. 21 - Prob. 17QECh. 21 - Prob. 18QECh. 21 - Prob. 19QECh. 21 - Prob. 1QAPCh. 21 - Prob. 2QAPCh. 21 - Prob. 3QAPCh. 21 - Prob. 4QAPCh. 21 - Prob. 5QAPCh. 21 - Prob. 1IPCh. 21 - Prob. 2IPCh. 21 - Prob. 3IPCh. 21 - Prob. 4IPCh. 21 - Prob. 5IPCh. 21 - Prob. 6IP
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- Two simplifying assumptions are used extensively in economics. What are they?arrow_forwardEconomic behavior is more complex than assumed by conventional economic theory. Political economy explains the functioning of government. Behavioral economics ties psychology into human behavior. Economists assume that individuals make rational decisions. However real people are more complex. Based on what you have learned in your assigned reading, answer the following questions in your initial post: What are the human behaviors economists should observe when creating economic models? Example: people tend to find solutions that are good enough, but not the best solutions. In your responses, comment on at least two of your peers' posts and share example of how non-rational human behavior can change an economic outcome.arrow_forwardIn a economic model is to be any good, it must make assumptions that are exact replicas of reality. refrain from referring to things that are not directly measurable. predict phenomena in the real world reasonably well. none of the above.arrow_forward
- Which 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_forwardA personal economic decision that was driven by a behavioral bias rather than by pure rational behavior.arrow_forwardIn what ways do human decision making differ from rational conventional economic theoryarrow_forward
- Explain the difference(s) between an economic and an econometric model.arrow_forwardBehavioral economics studies behavior of economic agents, but neoclassical economics does not. a) Uncertain b) True c) Falsearrow_forwardPolitical biases have no impact on an economist’s opinions? True or Falsearrow_forward
- According to the "Scientific Method," what is the economics profession expected to do? Multiple Choice Test various hypothesis and theories against the real world. Observe real world behavior and outcomes. Try to find the cause and effect of variables. All of the choices are correct.arrow_forwardWhy must economic theories and models be abstract?arrow_forwardWhich of the following is NOT a characteristic of a typical positive economic model? Group of answer choices the assumption that people weigh the costs and benefits of their various alternatives realistic assumptions makes predictions that can be proven false makes assumptions that ignore the complexity of behavior A regression estimates that Q = 35 - 0.1 ∗ X, where Q is the quit rate, X is the number of employees at the firm. This indicates that doubling the number of employees from 100 to 200 will reduce the quit rate by Group of answer choices 35% points. 50% points. 5% points. 10% points. Because workers have varying preferences about the type of work they like to do, Group of answer choices the firm supply curve for chefs is vertical. the market supply curve for chefs is upward sloping. the market demand curve for chefs is downward sloping. the firm supply curve for chefs is horizontal. Year Average Nominal Wage…arrow_forward
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