Question
  1. True/false/explain. 
    1. Economic models must mirror reality or they are of no value. 
    2. When economists make normative statements, they are more likely to be acting as scientists. 

Expert Answer

1 Rating

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects.
Tagged in
BusinessEconomics

Behavioral Economics/Experimental Economics

Related Economics Q&A

Find answers to questions asked by students like you.

Q: What action could the TCMB take to reduce the crowding-out effect of an expansionary fiscal policy?

A: Expansionary fiscal policy involves increasing government spending or decreasing taxes, which increa...

Q: Show and explain the effects of an increase in aggregate demand in the long-run and short-run by usi...

A: AS/AD model depicts the the total supply and total demand interaction at macro level. Aggregate dema...

Q: Classify each of the following statements as positive or normative:  Society faces a short-run t...

A: This is a positive statement because the given statement explains the relationship between unemploym...

Q: For each of the following situations, indicate the direction of the shift in the supply curve or the...

A: 1. When the American made cars becomes popular in the overseas market, it means that the American ma...

Q: By using graphs, show and explain each of the following events as either leading to an increase or a...

A: Click to see the answer

Q: Consider the PPF of a country with movies on the horizontal axis and computers on the vertical axis....

A: Production possibility frontier or the PPF curve shows the combination of the two commodities that t...

Q: 1

A: Aggregate demand is the demand for all the finished goods and services in the economy. The equation ...

Q: Which of the following lists two things that both increase the money supply? a. The Fed buys bonds a...

A: The correct option is b.

Q: micro 1

A: At 50 million, the MC exceeds MB, so the production of baseballs has to reduce. Hence, the correct o...