Economists argue that some environments are more conducive to economic growth than others. One of the ways economists differentiate one environment from another is in terms of its institutions. An institution is

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Beverley SmithLv2

11 Jan 2019

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Some economists argue that it is possible to raise the standard of living by reducing population growth. As an economist interested in incentives rather than coercion, what kind of policy would you recommend to slow population growth?

goldturtle108

which of the following best illustrates the application of the model-building process to economics

a. on a Sunday morning talk show, two economists with differing political agendas argue about the best way to solve social security problems.

b. a labor economist notices that unemployment tends to be higher among teenagers than more experienced workers, develops a model, and gathers data to test the model's hypothesis.

c. economists believe that some economic models are true simply because prominent leading economists say they are true.

viridianplatypus205

An economic model is

	a means of empirically testing an economic theory.
	a generalization about the workings of an abstract economy.
	a commonly held economic insight stated as a law or general assumption.
	a framework that places the generalized insights of a theory in a more specific contextual setting.

What besides a model do economists need to make policy recommendations?

	Economists need to understand the empirical evidence supporting the theory as well as real-world economic institutions to make policy recommendations.
	Economists also need to know the assumptions on which the model is based to make policy recommendations.
	Economists need to understand the empirical evidence supporting the theory to make policy recommendations.
	Economists need to understand the empirical evidence gathered through testing the model.