All Economic Models Must Involve Simplifications Because

question 47

Multiple Choice

All economic models must involve simplifications because

• A)economists would be unable to command high salaries if their models were so simple that anyone could understand them
• B)human behavior is very erratic and unpredictable
• C)reality is too complex to understand in its entirety, so we must reduce it to a level that we can understand
• D)they always try to duplicate all possible information and cover all possible variables that might influence decision making
• E)we must rely on value judgments and ignore reality

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Definitions:

Massed Practice

A learning technique that involves concentrated, continuous periods of study or work without breaks, in contrast to spreading the work out over longer intervals.

Cramming

The practice of intensely studying or memorizing large amounts of information in a short period of time, often used in preparation for exams.

Exam Tomorrow

Exam Tomorrow implies an approach or preparation for a formal assessment or test in an academic or professional setting that is scheduled to take place the next day.

Distributed Practice

A learning strategy that involves spreading study sessions and learning activities over time, which has been shown to improve retention and understanding of material.