Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter1: The Economic Approach
Section: Chapter Questions
Problem 11CQ
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Which of the following is true of an economic theory?
It uses complex mathematical equations to explain the problem of scarcity of resources
It seeks to prove political ideals and establish a moral code of conduct
It seeks to strengthen the role of the government in an economy
It is a deliberate simplification of factual relationships
Transcribed Image Text:Which of the following is true of an economic theory? It uses complex mathematical equations to explain the problem of scarcity of resources It seeks to prove political ideals and establish a moral code of conduct It seeks to strengthen the role of the government in an economy It is a deliberate simplification of factual relationships
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