Assumptions and Models in Economics
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Questions and Answers

What is the purpose of assumptions in economics?

  • To create unrealistic scenarios
  • To study international trade
  • To make the complex world easier to understand (correct)
  • To complicate the complex world

    • What does the circular-flow diagram represent?

  • The flow of factors of production between households and firms
  • The flow of resources between households and firms
  • The flow of goods and services between households and firms
  • The flow of dollars between households and firms (correct)

    • What are the two markets depicted in the circular-flow diagram?

  • The market for goods and services and the market for factors of production (correct)
  • The market for goods and services and the market for labor
  • The market for labor and the market for factors of production
  • The market for resources and the market for capital

    • What are the factors of production mentioned in the text?

    <p>Labor, land, and capital</p> Signup and view all the answers

    What is a model in economics?

    <p>A simplified representation of reality</p> Signup and view all the answers

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