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Econ Midterm
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Why is it typical for economists to make the ceteris paribus assumption when making predictions?
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Because the variable the economists would like to predict may be influenced by many explanatory variables.
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Terms in this set (125)
Why is it typical for economists to make the ceteris paribus assumption when making predictions?
Because the variable the economists would like to predict may be influenced by many explanatory variables.
Which of the following variables are studied as part of microeconomics? Select all that apply.
The price paid to obtain this economics textbook.
The amount of tips earned by a waiter.
The number of hours worked by a student.
Causation
means one event brings about another event.
If we observe that the prices of groceries in a city decrease after the city's population decreases, then we can conclude that
grocery prices and the population of a city are positively correlated.
Economic models
are simplifications of the phenomena they attempt to explain.
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