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What should the new models of economic growth capture in terms of variables and their interactions?

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Related questions

Which of the following statements isҀ‹ FALSE?

A. Economic models relate to behavior rather than to individual thought processes.

B. Economists empirically test their models.

C. An economic model should capture only the essential relationships that are sufficient to analyze the particular problem being studied.

D. Economic models are not used to forecast.

Which of the following is not true about economic models?

a. Models are not perfect replicas of reality.

b. A model is only an approximation.

c. They can be highly complex and based on lengthy mathematical analysis.

d. They are not useful, since they do not include all variables.

Which best describes the purpose served by economic models within an economic system?

 

(i) Economic models define global demand with accuracy. 

(ii) Economic models illustrate economic theories and help in the identification of patterns.

(iii) Economic models determine the phase of the business cycle.

(iv) Economic models allow policymakers to create and implement changes.

 

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