Which of the Following Statements Regarding the Development of Models

question 149

Multiple Choice

Which of the following statements regarding the development of models by scientists is NOT true?

• A)Adjusting the variables in a model simulates different conditions and allows predictions of possible system operations.
• B)Most scientists believe that any system can eventually be modeled with 100 percent accuracy.Thus,models can be perfect representations of reality.
• C)A model is a simplification designed to help us understand complex processes.
• D)A model is only as good as the assumptions and accuracy of information upon which it is based.

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Definitions:

MPC

Marginal Propensity to Consume refers to the fraction of any additional income that is used for consumption purposes.

Consumption

The act of households utilizing goods and services.

Disposable Income

The sum of funds that families can allocate to expenditure and savings once they've paid their income taxes.

MPC

The marginal propensity to consume, which represents the proportion of an increase in income that is spent on consumption rather than being saved.