Should an economic model describe reality exactly?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 63% (11 reviews)
An economic model cannot describe reality exactly because ...View the full answer
Answered By
Nazrin Ziad
I am a post graduate in Zoology with specialization in Entomology.I also have a Bachelor degree in Education.I posess more than 10 years of teaching as well as tutoring experience.I have done a project on histopathological analysis on alcohol treated liver of Albino Mice.
I can deal with every field under Biology from basic to advanced level.I can also guide you for your project works related to biological subjects other than tutoring.You can also seek my help for cracking competitive exams with biology as one of the subjects.
3.30+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
Describe an economic model you know. What does the model predict about cause and effect?
-
Describe an economic model you know. What assumptions does the model make? Are the assumptions reasonable?
-
An interesting economic model that leads to an econometric model with a lagged dependent variable relates yt to the expected value of xt, say, x*i, where the expectation is based on all observed...
-
For each of the following demand functions, check whether they satisfy the weak axiom of revealed preferences (WARP) (a) "Random Demand". For any pair of prices p and p2 and income m, the consumer...
-
One advantage of orthogonal bases is that they simplify finding the representation of a vector with respect to that basis. (a) For this vector and this non-orthogonal basis for R2 (b) With this...
-
Imagine that you conduct a survey for a company where you told respondents you would not disclose their identity. One respondent reports on the survey that a colleague is engaging in unsafe behaviors...
-
Model cost.
-
Friedman Construction reported taxable income of $50,000 for 2011, its first fiscal year. The enacted tax rate for 2011 is 40%. Enacted tax rates and deductible amounts for 20122014 are as follows:...
-
Perpetual FIFO Perpetual LIFO Specific Id Average Compute the cost assigned to ending inventory using specific identification. For specific identification, the March 9 sale consisted of 95 units from...
-
Recognition accuracy that measures the percentage of orders that are taken correctly is 86.8%. Suppose that you place order with the bot and two friends of yours independently place orders with the...
-
Why do economists make assumptions?
-
Draw and explain a production possibilities frontier for an economy that produces milk and cookies. What happens to this frontier if disease kills half of the economys cows?
-
Which is not a requirement when you create a compare To() method that overrides the Object class compare To() method? a. It must accept a parameter. b. Its return type must be boolean. c. It should...
-
Is there a difference between a Leader and a Manager; if yes, what and what are the differences? What is the message of the video ? https://youtu.be/TQhns5AwAkA
-
Thomas Inc. purchased 90% of Tracy Co. for $990,000 when the book value of Tracy was $1,000,000. There was no premium paid by Thomas. Tracy currently has 100,000 shares outstanding and a book value...
-
Troy Engines, Ltd., manufactures a variety of engines for use in heavy equipment. The company has always produced all of the necessary parts for its engines, including all of the carburetors. An...
-
A Community Hospital has two (2) service departments: Maintenance and Food Services. The hospital has three (3) patient care units, namely: General Medicine, OB, and Surgery. Additional information...
-
The following link is for the United States International Trade Commission database on current tariffs that the United States has in place: https://dataweb.usitc.gov/tariff/database This link is for...
-
Your CEO recognizes you as having unusually strong skills in decision making and communications, and so she asks for guidance on how to best communicate her plans for an imminent reduction in your...
-
1) The government decided to reduce taxes on fast-food to increase revenue. The government assumes that fast-food products have a) An inelastic demand b) An elastic demand c) A demand curve that is...
-
How do support media complement the primary media in reinforcing their messages? Discuss the potential problems of support media.
-
Define real GDP and nominal GDP. Which is a better measure of economic well-being? Why?
-
Why should policymakers care about GDP?
-
List the four components of GDP. Give an example of each.
-
Prepare journal entries to record the following events: Jul. 1 Klemens Company accepted a 5%, 3-month, $8,000 note dated July 1 from Mox Company for the balance due on Mox's account. Jul. 31 Klemens...
-
FINANCIAL STATEMENT ANALYSIS INSTRUCTIONS 1. PREPARE RATIO ANALYSIS REPORT ( word file) Format 1. Introduction 2. Importance of Financial Statements 3. Importance of Financial statement analysis and...
-
Let us assume that Europe is in recession, China's economy is slowing down, and the US economy is growing at 1-2%. Use these assumptions to invest in 4 ETFs (electronically traded funds). The 4 ETFs...
Study smarter with the SolutionInn App