Asked by Landon Busse on May 05, 2024
Verified
Economists use one standard set of assumptions to answer all economic questions.
Standard Set
A set of uniform criteria, guidelines, or benchmarks established by a regulatory authority or industry to ensure quality, consistency, and compatibility.
Economic Questions
Fundamental queries that address how a society decides on what to produce, how to produce, and for whom to produce, reflecting the allocation of resources.
- Comprehend that economists use assumptions to simplify the complex world and facilitate understanding.
Verified Answer
LA
Lessly AlanisMay 11, 2024
Final Answer :
False
Explanation :
Economists use a variety of models and assumptions tailored to the specific economic question or scenario being analyzed, as different situations require different theoretical frameworks.
Learning Objectives
- Comprehend that economists use assumptions to simplify the complex world and facilitate understanding.
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