The Basic Purpose of Economic Models Is To

question 92

Multiple Choice

The basic purpose of economic models is to:

• A) construct simplifying assumptions about the real world.
• B) explain reality in all its complexity.
• C) construct situations where controlled experiments can be carried out.
• D) provide explanations for, and predictions of the relationship between variables.

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Definitions:

Data Mart

A subset of a data warehouse, focused on a specific business line or team, containing data relevant for a specific group of users.

Artificial Intelligence

The replication of human thought processes and behaviors in machines programmed to emulate human actions and thinking.

Data Mining

The process of analyzing large datasets to discover patterns, trends, and relationships that can inform decision making.

Field Name

A way of describing the information in the field.