Heuristic models are:
A. models expressed informally in words.
B. highly mathematical models that are impossible to solve.
C. based on scattergrams of two variables.
D. models expressed informally by graphs.
Answer: A
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Suppose that you are the president of a small printing company and you are considering the purchase of new machinery. What factors must you consider in making this decision?
What will be an ideal response?
Which of the following is true?
a. Keynesians advocate increasing the money supply during economic recessions but decreasing the money supply during economic expansions. b. Monetarists advocate increasing the money supply by a constant rate year after year. c. Keynesians argue that the crowding-out effect is rather insignificant. d. Monetarists argue that the crowding-out effect is rather large. e. All of these.