Choose the Answer That Best Explains Why Economists Build Models

question 43

Multiple Choice

Choose the answer that best explains why economists build models that abstract from the complexities of reality.

• A)Because the complexities of reality are unimportant.
• B)Because they believe they gain a greater understanding of reality.
• C)Because economists are not interested in reality.
• D)Because this allows economists to conduct controlled experiments to test their theories.
• E)Because economics deals only in the abstract.

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Definitions:

Order Effects

Changes in participants' responses due to the order in which experimental conditions are presented rather than the experimental conditions themselves.

Matching Pairs

A technique in research design where participants are paired based on certain characteristics, ensuring that each pair is similar except for the independent variable.

Matched Pairs

A research design in which subjects are paired based on shared characteristics or behaviors, ensuring that each pair is as similar as possible except for the variable under investigation.

Rank Orders

This term describes a method of organizing data where items are arranged based on their order or rank, often without considering the actual distance or difference between the rankings.