An Economic Model

question 62

Multiple Choice

An economic model

• A)omits critical elements
• B)must be presented in mathematical terms
• C)simplifies reality in order to focus on its essential elements
• D)can never be proven wrong if its assumptions are realistic
• E)produces poor predictions if it includes an unrealistic assumption

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Definitions:

Evaluating

The process of assessing or examining something to determine its worth, quality, or significance.

Nonverbal Information

Communication that is transmitted without words, through gestures, facial expressions, body language, and other visual cues.

Communication

The act of conveying information, ideas, feelings, or instructions to others through speech, writing, or other forms of symbols.