An Economic Model

question 62

Multiple Choice

An economic model

• A)omits critical elements
• B)must be presented in mathematical terms
• C)simplifies reality in order to focus on its essential elements
• D)can never be proven wrong if its assumptions are realistic
• E)produces poor predictions if it includes an unrealistic assumption

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Definitions:

House of Representatives

The lower chamber of the United States Congress where members are elected to represent states proportionally to their population, responsible for creating and passing federal laws.

Tariffs

Taxes imposed on imported goods, typically used to protect domestic industries and regulate trade.

Calhoun

Refers to John C. Calhoun, an American statesman and political theorist from South Carolina, who served in various high positions including Vice President of the United States.

Adams

Refers to John Adams, the second President of the United States, and his son John Quincy Adams, the sixth President, both of whom played significant roles in American history.