An Economic Model Is Useful If It

question 54

Multiple Choice

An economic model is useful if it

• A)includes every detail of reality
• B)involves no unproven assumptions
• C)is expressed in equations
• D)makes accurate predictions
• E)is simple enough to be understood by a child

---

Definitions:

Frontal Lobes

The front part of the brain associated with decision making, problem solving, control of purposeful behaviors, consciousness, and emotions.

Long-Term Memory

The capability of the brain to store, retain, and recall information over long periods.

Implicit Memory

Refers to unconscious memory processes that enable humans to perform tasks without actively thinking about them, such as riding a bike.

Explicit Memory

A type of long-term memory involving conscious recollection of factual information, previous experiences, and concepts.