In Constructing Models,economists

question 137

Multiple Choice

In constructing models,economists

• A)leave out equations,since equations and models tend to contradict one another.
• B)ignore the long run,since models are useful only for short-run analysis.
• C)sometimes make assumptions that are contrary to features of the real world.
• D)try to include every feature of the economy.

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Definitions:

Longitudinal Study

A research approach that involves repeated observations of the same variables over long periods, often decades, to detect patterns, changes, and possible predictions.

Double-Blind

An experimental procedure in which neither the subjects of the experiment nor the persons administering the experiment know the critical aspects of the experiment, to prevent bias.

Single-Blind

A study or experiment design where only the participants are unaware of which group (experimental or control) they belong to, preventing bias in their responses.

Cross-Sectional

A research method that involves analyzing data from a population at a specific point in time to identify patterns or relationships.