An economist builds a model by beginning with certain self-evident principles and then derives the implications of that model. What approach is this economist taking?

Abstraction is used in economics to omit unnecessary details and focus on the essence of the problem being studied

a. True b. False Indicate whether the statement is true or false

The potential for profit-increasing false advertising is greatest for which of the following goods?

A) deodorant B) toilet paper C) paper towels D) a home water heater