Online Review, Page 10

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Chapter 1: The Nature of Economics

Quizzes

Online Review, Page 10

This activity contains 3 questions.

Which of the following is true of economic models or theories?

To be useful, they must account for details of all real-world issues under study.To be useful, they must consider how the real world should be structured.They must be based on a set of assumptions.They must account for social preferences.

The ceteris paribus assumption used in constructing economic models or theories refers to

the failure of the models or theories to produce predictions about actual outcomes.the assumption that no data must be examined to evaluate the models or theories.the predictions that the models or theories make about real-world outcomes.the assumption that nothing changes except for factors in the models or theories.

Normative analysis applies to

statements of what is.evaluating predictions of models or theories.value-free assumptions used in models or theories.statements of what ought to be.

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