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

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Definitions:

Natural Rate Of Unemployment

The normal rate of unemployment around which the unemployment rate fluctuates.

Government-Run Employment Agencies

Government-run employment agencies are agencies established by governments to help individuals find employment and assist employers in finding suitable candidates for their job openings.

Public Training Programs

Government-sponsored initiatives designed to enhance the skills and employability of the workforce.

Private Market

A marketplace where transactions are made directly between two parties without government intervention, typically involving private property or assets.