Question

Economic models_____. a. must completely describe every aspect of the economy in order to be useful b. are simplified abstract representations of reality c. avoid the use of assumptions wherever possible d. are ideals that economics agents aspire to achieve

Answer 1

Answer:

b. are simplified abstract representations of reality

Explanation:

Economic model -  

It refers to as the simplified version of the economic behavior , which helps to learn about the economic observation and prediction , is referred to as an economic model .

In model is a very simplified form of the complex situation and information of economics.

In a very designed economic model , many situations and problem can be diagnose easily .

Hence, from the given options of the question ,

The correct option is b .