MICROECONOMICS
11th Edition
ISBN: 9781266686764
Author: Colander
Publisher: MCG
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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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- Which of the following statements are correct? In economics, a model is a simplified representation (diagrammatical or physical) that helps us to understand what is going on by focusing attention on what is important. See the steps of how to build a model (Unit 2.2). Ceteris paribus is an assumption used in economic models in which the important variables that you are focusing on are kept constant. An equilibriumis a self-perpetuating situation that does not change, even when a force for change is introduced from the outside that alt An equilibriumis a self-perpetuating situation that does not c basic data describing the situation. You selected this answer. An equilibrium is a self-perpetuating situation that does not change unlessa force for change is introduced from the outside that alters the basic data describing the situation. An economic rent is the benefit you receive above what you would have earned from your reservation option.arrow_forwardTwo 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_forward
- In 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_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_forwardA personal economic decision that was driven by a behavioral bias rather than by pure rational behavior.arrow_forward
- In what ways do human decision making differ from rational conventional economic theoryarrow_forwardExplain 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_forward
- Political biases have no impact on an economist’s opinions? True or Falsearrow_forwardAccording 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_forward
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