Multiple Choice
Which of the following is NOT true of the specialization of labor?
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0. Basic Principles of Economics
Positive and Normative Analysis
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Which of the following pairs best represent models used in the study of economics?
A
Historical analysis and philosophical analysis
B
Positive analysis and normative analysis
C
Descriptive statements and prescriptive statements
D
Mathematical models and graphical models
Verified step by step guidance1
Understand that in economics, models are simplified representations used to analyze and predict economic behavior and outcomes.
Recognize that mathematical models use equations and formulas to represent economic relationships quantitatively.
Identify that graphical models use visual tools like curves and diagrams to illustrate economic concepts and relationships.
Compare the given options to see which pair explicitly refers to types of models rather than types of analysis or statements.
Conclude that 'Mathematical models and graphical models' best represent the types of models used in economics because they provide structured frameworks for analysis.
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