Answer
c. a simplified representation of some aspect of the economy
Work Step by Step
Economists use diagrams and equations to represent certain aspects of the economy in limited detail. Such representations are called economic models.
Principles of Macroeconomics 7th Edition
by Mankiw, N. Gregory
Published by
South-Western College
ISBN 10:
1-28516-591-8
ISBN 13:
978-1-28516-591-2
Chapter 2 - Thinking Like an Economist - Quick Check Multiple Choice - Page 35: 1
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