When Modern Economists Cannot Solve a Model Analytically, They Can

question 42

Multiple Choice

When modern economists cannot solve a model analytically, they can estimate the solution by:

• A) abandoning models altogether.
• B) changing from the inductive back to the deductive approach.
• C) simulating the model with a computer to arrive at a numerical solution.
• D) using induction to solve a series of equations.

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Definitions:

Jurisdiction

The legal authority granted to a court to hear and decide cases, determined by factors such as geographic area and case type.

Original

Pertaining to the first or earliest form of something, or being an authentic creation not derived from anything else.

Federal Jurisdiction

Refers to the legal scope within which federal courts in the United States have the authority to hear and decide cases.

State Jurisdiction

The authority given to a state to govern or legislate over certain matters within its territorial boundaries.