D) Economic models seldom incorporate equations or diagrams. ECONOMICS 39. Which of the following statements C. Urbanization did not bring about any change due to heavy industrialization. Health Economics Information Resources: A Self-Study ... B. 1)The production possibilities frontier A)refers to the technology used in such goods as computers and military aircraft. (Points : 2) Project management applies knowledge, skills, tools and techniques to project activities. Economics is a social science. c. Production is capital-intensive. Statement 2 â As a result, the new economic policy 1991 has promoted 9. Entrepreneurship Economic models are built to mirror reality exactly. 1. Question 4 Which of the following statements regarding taxes are correct? Which of the following is an example of a normative, as opposed to positive, statement? Economics is a science since the study of economics uses models and theories that are subject to empirical testing. A. b. B. are developed to explain observed phenomena free from restrictions imposed by a set of basic rules. The vegetation of savannah consists of grassland with scattered small trees. Which of these statements about economic models is correct? d. Economic models, to be ⦠Economic models are built to mirror reality exactly. It also involves using mathematical and statistical theories to test hypotheses and predict future trends. Which of the following statements about economic models is correct? 1 only (b.) (c) They can be expressed only through equations (d) They help in gaining an insight into cause and effect b. 44. Which of the following statements is false? 30. A)Mrs.Lovejoy decides to invest in companies which she believes are producing their goods based on the preferences of consumers.Mrs.Lovejoy is therefore investing in companies that are productively efficient. Correct the following statement and rewrite : During the middle of the 19th century, Italy was divided into five states. We request candidates to henceforth start focusing on Mains irrespective of your expected scores in prelims â 2018. Which of the statements given above is/are correct? Theories in economics A. are used to construct models from which quantitative predictions can be made. Question 7 Which of the following statements about models is correct? D) simplify some aspect of economic life. ... and in this respect economic models are no different from other scientific models. B) portray reality in all its minute details. An alternative way to use the Markowitz model as a selection technique is to think in terms of asset classes, such as domestic stocks, foreign stocks of industrialized countries, stocks of emerging markets, and bonds. B)Monopolies have perfectly inelastic demand for the product sold. Which of the following statements is/are correct regarding the Inequality and Growth in India? Economic models are useful, but they should not be used for the purpose of improving public policies. D. Few ⦠Economists models are useful, but they should not be used for the purpose of improving public policies Selected: c. Because economistsâ models omit many details, they allow us to see what is truly important This answer is correct. Economics questions and answers. Which of the following statements about models is correct 2 See answers Advertisement Advertisement datboyjulio21 datboyjulio21 B because if its unneccsary they dont put it in models. Which of the following statements is not correct with regards to infrastructure? c. Models are not helpful in solving public policy debates. a. negative economic statement. State whether each of the following statements is True (T) or False(F) (i) Financial statements are an important source of information to shareholders and stakeholders. D. Both A and B are correct. Advertisement Advertisement zionna3 zionna3 B. because that's an opinion of models, not a fact. Theories in economics A. are used to construct models from which quantitative predictions can be made. d. a. C. tested before it can be accepted (or not rejected). B) All economic models are based on the same assumptions. E. c) models seldom incorporate equations or diagrams. Choice B is wrong as it does not have follow grammar. b)Only 2 is correct c) Both the statements are incorrect * not completed. d) ⦠B. Choose the one alternative that best completes the statement or answers the question. According to the Keynesian model, the most important determinant of a householdâs consumption is: A. its disposable income. 1) All the statements are correct. When group comes to agreement at the expense of critical thinking 2. B)marks the boundary between attainable combinations of goods and services and Business model describes the rationale of how an organization makes, transports, and captures value in economic, social, cultural or other contexts. C. are never modified or refined. 4) we cannot use the model to study the general increase in price levels. Read the following statements Assertion(A) and Reason(R). Select the correct statements using the codes given below: a) 1 and 2 only b) 2 and 3 only c) 1 and 3 only d) All are correct Answer. Which of the following statements concerning portfolio selection is (are) CORRECT? Which of the following statement is NOT correct with respect to models in operations management? a) models are built to mirror exact reality. Economic models, to be accepted, must be tested by conducting experiments. C)Monopolies are guaranteed to earn an economic profit. b. âCompensation to the victims of a cyclone is an example of a welfare c. normative economic statement. 3) the model is ideal for studying the money market. a. b. B) Economic models are useful, but they should not be used for the purpose of improving public policies. Increasing the EOQ is the best way to avoid stockouts. Q6: Economic concepts Which of the following statements are correct? 1) we cannot use the model to study the labour market. B) Economic models are useful,but they should not be used for the purpose of improving public policies. b. b. positive economic statement. A. Econometrics is the application of mathematical and statistical methods to describe economic systems. Select correct option: Economic conditions Human resources Political conditions Legal environment. However, Preprise bear no responsibility for any damage resulting from any inadvertent omission or ⦠An important feature of an economic model is that it is necessarily subjective in design because there are no objective measures of economic outcomes. c. Good economic models attempt to mimic reality as closely as possible. In equilibrium, the wage clears the labour market, so there is no unemployment. (2) exports and imports are a function of the interest rate. Mathematics is part of the language of economics, and can help us to communicate our statements about models precisely to others. ANSWER: b 14. c. Because economic models omit many details, they allow us to see what is truly important. Mathematics is part of the language of economics and can help us to communicate our statements about models precisely to others. Increasing the EOQ is the best way to avoid stockouts. Questions are given below: 1. The following statements are true about informal sector except. 13. Select the correct code from the following: (A) I, II, III (B) I, III, IV (C) I, III (D) I, II, IV Answer: (D) Answer: (C) 49. Which of the following statements concerning portfolio selection is (are) CORRECT? Expansion of world trade during sixteenth and seventeenth century is an important cause of it. This statement is not correct. Which of the following statements about economic models is correct? B. Caste structure got weakened in the urban centers due to industrialization. Correct Answer: A 8) Consider the following statements behavior and the type of activity corresponding to them as impediments to responsible action for an engineer Type of Behavior 1. Which of the following is not correct about most economic models? Which of the following statements apply to economic models? D. all of the above. UPSC Geography Prelims 2021 Questions. a. A) There is only one correct economic model. (B) Infrastructure provides support services. Q1: Which of the following statements about economic models is correct? B. are developed to explain observed phenomena free from restrictions imposed by a set of basic rules. Which of the following statements about economic models is correct? Due care has been taken to ensure that the information provided in Which one of the following statements with regard to economic models is not correct? a. uses equations to understand normative economic phenomena. Both inequality and per-capita income (growth) have different relationships with socio-economic indicators. In a capitalist market economy, decision-making and ⦠16) Which of the following statements is true of corporate cultures? (3) It functions under the chairmanship of the Union Finance Minister. Also this model is assimilated as a form of a mathematical variable and is designed to show the called processes and selects the data based on the paradigm of the economic study. Consider the following statements and choose the correct option from the given options- 1. a. negative economic statement. An economic model makes assumptions. a. We have explained with justifications all answers to all questions. O Economic models are built to mirror reality exactly O Amadel can be accurately described as a simplification of reality, Economic models are usually plastic representations of the economy. c) Testing economic models is rarely tricky. For economists, economic models provide insights about the world. Which of the following statements is correct? An economic model is simpler than the reality it explains. C) meanings. Economists models are built to mirror reality exactly b. Wish you all the best. Which one of the following state- ments with regard to economic models Is not correct ?They involve simplification of complex pivo,ssesThey represent the whole or a part of a theoryThey can be expressed only through equationsThey help in gaining an insight into cause and effect Previous year questions paper UPSC IAS CSE NDA CDS SSC analysis IES 21. . a. Economic models are built with assumptions. Business ethics is not a real concept as the rules and ethics of everyday life don't apply to the world of business. PAMdna epoc S eh T e HC variable A measure that can change from time to time or from observation to observation. c. Economic models are built to mirror reality exactly. c) 2, 3 and 4 only. (a) They involve simplification of complex processes (b) They represent the whole or a part of a theory. They are composed of equations and diagrams. 2) the model can be used to study inflation. D. its net wealth. Solutions: Civil Services (Prelims) â General Studies â 2018 This is the final answer key from our side. Economic models are useful, but they should not be used for the purpose of improving public polic⦠c. Economic models are often composed of equations and diagrams. A) a good model must be realistic B) in comparing two models, the simpler one is better, other things equal C) models are used to explain and predict human behavior D) a model is a simplified representation of the real world 71) Consider the following statement, and mark the correct one which is borrowed from NSPE code of ethics, about IPR a) âEngineers shall not reveal facts, data or information obtained in a professional capacity without the prior consent of the client or employer except as authorized and required by law or this Codeâ d) India and Pakistan both opted for mixed economic systems. A note should not contain grammatically correct sentences. Which of the following statements is/are correct regarding the Monetary Policy Committee (MPC)? Gasoline prices ought to be lower than they are now. alternative from the following: Statement 1 â Till 1990, there was witnessing disguised unemployment in. is correct. 14.Which of the following models uses three distinct concepts of stages of growth? The Method of Economics Theories and Models model A formal statement of a theory, usually a mathematical statement of a presumed relationship between two or more variables. Advertisement Advertisement zionna3 zionna3 B. because that's an opinion of models, not a fact. Economic rent . d. In constructing models, economists make assumptions. b. often omits crucial elements. b. (x) The production possibilities frontier (PPF) is a graph that shows the various combinations of output the economy can possibly produce given the available resources and technology. c.Because economic models omit many details, they allow us to see what is truly important. c. Because economic models omit many details, they allow us to see what is truly important. Models include graphs and mathematical models. model. Explanation. C. The EOQ model assumes constantly increasing usage over the ⦠Based on this information, which of the following statements are correct? The EOQ results in the minimum ordering cost and minimum carrying cost. Economic evaluations are models which attempt to capture and summarize reality. Wealth is much more unequally distributed than earnings in all three countries. a. Keynesian economics states that government spending can be used to stimulate an economy out of a recession. A)The market demand and the firm's demand are the same for a monopoly. Which of the following statements about models is correct 2 See answers Advertisement Advertisement datboyjulio21 datboyjulio21 B because if its unneccsary they dont put it in models. Which of the following statements about economic models is correct? I. Different economic models employ different sets of assumptions. 14. The economic models we used in Unit 3 assumed self-interested preferences: Alexei, the student, and Angela, the farmer, cared about their own free time and their own grades or consumption. May be enterprises with less than 10 workers. Chapter 1 Economics: Foundations and Models 1.3 Economic Models 1) Economic models do all of the following except A) answer economic questions. In the context of simultaneous equations econometric models, consider the following statements: I. d) 1, 2 , and 3. The forest development in such areas is generally kept in check by one or more or a combination of some conditions. Sensitivity analysis tests the confidence limits of the conclusions by repeating the comparison between inputs and consequences while varying the assumptions used. D) The economic model of corporate social responsibility 15) A corporate culture is fashioned by a shared pattern of all of the following except: A) beliefs. d. Choose one of the correct alternatives given below (1) Assertion(A) ack of training in farming activity leads to low productivity and growth of ⦠D)All of the above are correct. a. Economic models are built with assumptions. . Economic models are often composed of equations and diagrams. . All of the above are correct. 10. The circular-flow diagram is an example of 19)Which of the following statements is correct? The correct sequence in Game theory is: (a) gameâchoiceâplayerâequilibrium (b) payoffs â strategies â system â game (c) payoffs â choice â player â game (d) systems â equilibrium â game â player Ans. II. Central characteristics of capitalism include capital accumulation, competitive markets, a price system, private property and the recognition of property rights, voluntary exchange and wage labor. Economic models often use mathematical equations and graphs, as well as words and pictures. Which of the following is an example of a normative, as opposed to positive, statement? True | False? b. Which of the following statements about economic models is correct? c. normative economic statement. Options: a) Only 1 is correct. E. the ratio of wage to non-wage income the household earns. D. Both A and B are correct. Accounting Testbank Part 7. These models use assumptions and estimates. a.Economic models are built to mirror reality exactly. 32. the agriculture sector because industrial and service sector were. Choice C is wrong as it need give details Choice D is wrong. Defend or refute the given statement with valid reason. a. I. Economics is not a science since the models developed are a simplification of the real world. Identification is a problem to be dealt with before estimation. 2. A hypothesis in an economic model is A. a statement that may be wither correct or incorrect about an economic variable. II. Because economic models omit many details, they allow us to see what is truly important. (c)Statement (1) is correct, statement (2) is incorrect (d)Statement (2) is correct, statement (1) is incorrect 2.Consider the following two statements on individual labor supply decisions: (1)The income e ect is irrelevant at the participation margin. In economics, a model is a simplified representation (diagrammatical or physical) that helps us to understand what is going on by focusing attention on what is important. b. Read the following statements carefully and choose the correct. B) expectations. a. Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Which of the following statements about economic models is correct? A hypothesis in an economic model is A. a statement that may be wither correct or incorrect about an economic variable. B. usually about a causal relationship. C. tested before it can be accepted (or not rejected). b. Which of the following statements about economic models is true? 6. (1) government expenditure is autonomous. 8. Economists say that econometrics turns theoretical economic models ⦠1. (a.) Gasoline prices ought to ⦠31. 31. Economic models often use mathematical equations and graphs, as well as words and pictures. A) Economic models are built to mirror reality exactly. Question 19.1 Choose the correct answer(s) Figure 19.1 shows the inequality in wealth, earnings, and disposable income in the US, Sweden, and Japan using the Gini coefficient. a. is productive activity to obtain private benefit from public action and resources. D. Which of the following statements is correct? An economic model is developed from a set of assumptions about consumer behavior and predicts that people will buy less of a good the higher the price of the good. Empirical testing of this model would involve A. asking a lot of people if they think the model is correct. B. the collection of data to evaluate the usefulness of the model. 4 16 a. âDomestic/household services performed by a woman may not be considered as an economic activityâ. Which of the following statements is (are) correct? Firms aim to set as high a price as possible. 1. Which one of the following statements concerning the economic order quantity (EOQ) is correct? d. Uses family workers. C. are never modified or refined. b) An economic model is tested by seeing how accurate its predictions are. Q. To maximize profits, firms set the wage at the level where the workers are indifferent between working and not working. The EOQ results in the minimum ordering cost and minimum carrying cost. Disclaimer. B. its total wealth. C) Because economic models omit many details,they allow us to see what is truly important. c. simplifies reality in order to focus on crucial elements. 2. c. They omit many features of the real-world economy. d) The words 'ceteris paribus' mean other things remaining the same. A. Karl Marx believed that social change is the result of economic factors. B)Mrs.Lovejoy decides to invest in companies which she believes are producing their goods ⦠Which of the following statements is correct? unable to absorb the extra. 2 only (c.) Both 1 and 2 (d.) Neither 1 nor 2. Answer : d. Question 27 : Consider the following statements regarding seasonal unemployment: 1) It results in large-scale migration of agricultural labourers from agriculturally backward regions to that of urban developed regions. C) is the symbol that stands for government input into the production process. Question 1. E. Chapter 1 Economics Foundations and Models Chapter 1 Economics: Foundations and Models 1.1 Three Key Economic Ideas 1) Recent changes occurring within the U.S. health care system, including lower insurance reimbursement rates, have resulted in A) a growing number of doctor's choosing to open private practices. Answer: B Diff: 1 Page Ref: 12/12 1. Uses no mechanical power. high birth rate with high death rate3. correct incorrect. (a) Theory and hypothesis are interchangeable terms for the same thing. 2) a and b 3) a and c 4) a 5) c The correct alternative is [5] Explanation Inflationary financing occurs when government borrows from the central bank. II. 71) Consider the following statement, and mark the correct one which is borrowed from NSPE code of ethics, about IPR a) âEngineers shall not reveal facts, data or information obtained in a professional capacity without the prior consent of the client or employer except as authorized and required by law or this Codeâ Economics questions and answers. B. usually about a causal relationship. It uses mathematics, statistical inference, and economic theory to quantify economic phenomena. Correct the following statement and rewrite : Read the following statements carefully and choose the correct alternative from the following: Statement 1 - Demonetization was the step taken by the Government of India in order to tackle the problems of corruption, black money, terrorism, and circulation of fake currency in the Indian Economy. D) is the function telling how the variables in the parentheses determine real GDP. C) Because economic models omit many details, they allow us to see what is truly important. A. Question #94287. which one of the following statement is correct regarding the Keynesian model with the government sector and the foreign sector. 41. Which of the following statements is correct? I. Saving. b. b. Good economic models attempt to mimic reality as closely as possible. (b) A a) An economic model is a theory based on key variables and expressed in formal terms. Value chain is the process or activities by which a company adds cost They contribute very little to economistsâ understanding of the real world. The more details a model includes, the better the model. Set D *Please note ⦠Continue reading "Insights IAS Final answer ⦠a. d. Economic models often use mathematical equations and graphs as well as words and pictures. b. Ceteris paribus is an assumption used in economic models in which the important variables that you are focusing on are ⦠b.Economic models are useful, but they should not be used for the purpose of improving public policies. (3) an increase in government expenditure will decrease the equilibrium level of income. Which one of the following statements is not correct? Click hereðto get an answer to your question ï¸ Consider the following statements :the correct order of specific stages of demographic transition associated with economic development is 1. low birth rate with low death rate2. 1. b) models are useful, but they should not be used for the purpose of improving public policies. People generally do not care only about what happens to themselves, but also what happens to others. Select all correct answers a. high birth rate with low death rate.Which of the above statements are correct ? 44. The purpose of these graphs and mathematical models is to simplify the many interactions that occur in an economy. b. This is the correct answer. _____14. B) more medical practices being owned by hospitals than ⦠D) Economic models seldom incorporate equations or ⦠(1) It decides the RBIâs benchmark interest rates. Question 3 Which of the following statements about economics models is correct? Which of the following statements about economic models is correct? Chapter 1 Multiple Choice Questions. (ii) BS of a company must be prepared in the horizontal format only. This means that economists, in their study of human interactions, use models to simplify, analyze, and predict human behavior. ⦠Economic models seldom incorporate equations or diagrams. a. Government of India to correct the situation indicated in the above news report. Choose the correct alternative. A) Corporate cultures are always changing rapidly. An economic model is a theoretical construct that represents economic processes and by a set of variable and has a sets of quantitative interrelations. A) Economic models are built to mirror reality exactly. Economic growth has ⦠b. positive economic statement. d. statement that contradicts one of the basic principles of economics. a. Mathematics is part of the language of economics and can help us to communicate our statements about models precisely to others. a) A tax is neutral if ⦠1. (C) All infrastructural facilities have a direct impact on the production of goods and services. Solution (c) In the context of Indian economy, consider the following statements :(2011) The growth rate of GDP has steadily increased in the last five years. Chapter 2 The Economic Problem Test Bank MULTIPLE CHOICE. B. An economic model are _____. answer A. (correct) Question 196 . View Notes - Managerial Economics from ACC 310 at University of Texas. d. statement that contradicts one of the basic principles of economics. _____15. a) 1 and 2 only. Which one of the following statements is correct? Which of the following statements is correct? An economic model is a simplified description of reality, designed to yield hypotheses about economic behavior that can be tested. (a) Q. Which of the following statements about economic models is correct? b. Economic models are useful, but they should not be used for the purpose of improving public policies. (A) Infrastructure contributes to economic development. b) 2 and 3 only. Which of the following statements is correct? A. âDomestic/household services performed by a woman may not be expressed by using mathematics alone Because are. Models are useful, but they should not be considered as an economic model is by. The more details a model includes, the better the model are indifferent between working and not.! 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