Which of the Following Is True of Economic Models

question 6

Multiple Choice

Which of the following is true of economic models?

• A)Models are too theoretical to be applicable in real world decisions.
• B)Models are not useful because there is too much uncertainty to ever forecast outcomes accurately.
• C)Models are simplified descriptions of processes,relationships,or other phenomena.
• D)Models describe real world situations in complete detail.
• E)Models are not useful because they do not take into account complicating and less important features of a problem.

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Definitions:

Intragenerational Mobility

Status movement throughout one’s lifetime.

Socioeconomic Status

Socioeconomic status is a measure of an individual's or group's economic and social position in relation to others, based on income, education, and occupation.

Indicators

Quantifiable measures used to assess the performance, level, or condition of something, often used in contexts such as economics, health, and education.

Ideology

A system of ideas, values, and beliefs that influences how people perceive and interact with the world around them.