When Constructing an Economic Model, Economists

question 129

Multiple Choice

When constructing an economic model, economists

• A)rely mostly on their own value judgments and ignore the far more complex world of facts
• B)always try to duplicate reality by including all available information
• C)use assumptions that are true for the individual but never true for the whole economy
• D)must rely on simplifying assumptions that abstract from the complexity of the real world
• E)are primarily concerned with making realistic assumptions

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Definitions:

Basic Units

Fundamental components or building blocks of a structure, system, or substance.

Specific Epithet

The second part of the name of a species; designates a specific species belonging to that genus.

Linnaean System

A classification system for living organisms introduced by Carl Linnaeus, organizing species based on shared characteristics into a hierarchical framework.

Nomenclature

A system of names or terms, or the rules for forming these terms in a particular field of arts or sciences.