Which of the Following Statements About Models Is Correct

question 201

Multiple Choice

Which of the following statements about models is correct?

• A)The more details a model includes,the better the model.
• B)Models assume away irrelevant details.
• C)Models cannot be used to explain how the economy functions.
• D)Models cannot be used to make predictions.

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Definitions:

Present Value Calculation

A formula used to determine the current value of a sum of money to be received in the future, accounting for a specific interest rate.

Exponentiation

A mathematical operation involving the raising of one number to the power of another.

Variable Substitution

In mathematics, this involves replacing variables with other variables or values to simplify expressions or solve equations.

Mathematical Expression

A combination of numbers, operations, and sometimes variables that represents a mathematical relationship or value.