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An Overview of Economic Models & Uses Video

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which of the following is a type of model that would be useful to a microeconomist?

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1. Why is it possible for an economic model to fail?

2. Why are models used?

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About This Quiz & Worksheet

This quiz and worksheet can help you check your understanding of models used in economics and their uses. Practice questions assess your knowledge of the uses and advantages of these models.

Quiz & Worksheet Goals

Using these tools, you can gauge your knowledge of:

  • What happens when an economic model is wrong
  • Advantages of using models in economics
  • Different types of economic models
  • The production possibilities curve

Skills Practiced

You can use both the quiz and worksheet to practice these skills:

  • Information recall - access the knowledge you have gained regarding the different types of economic models
  • Reading comprehension - ensure that you draw the most important information from the related lesson on economic models
  • Knowledge application - use your knowledge to answer questions about the pros of using models in economics

Additional Learning

To learn more about the different economic models that are used today, check out the lesson titled An Overview of Economic Models & Uses. This lesson will help you:

  • Understand what economic models represent
  • Learn how economic models can help economists
  • Review what happens when models in economics are not accurate
  • Examine a supply and demand graph
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