In Constructing Models, Economists

question 387

Multiple Choice

In constructing models, economists

• A) make simplifying assumptions.
• B) include all available information.
• C) must use mathematical equations.
• D) attempt to duplicate the real world.

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Definitions:

Physical Characteristics

The defining traits, qualities, or properties that can be observed or measured on a physical object, person, or phenomenon.

Cultural Characteristics

The beliefs, customs, practices, and social behavior of a particular nation or people defining their distinct identity.

Prejudice

A preconceived opinion that is not based on reason or actual experience; often directed towards people based on their group membership.

Discrimination

Unjust or prejudicial treatment of different categories of people, especially on the grounds of race, age, or sex.