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:

Sensory Inputs

Information received by the senses such as sight, sound, smell, taste, and touch that influence an individual's perception and response to their environment.

External Stimuli

External stimuli refer to any events or factors outside the body that can influence the behavior or psychological state of an individual.

Perceptual Process

This is the sequence of steps that includes the sensing, organizing, and interpreting of information collected through the senses.

Trade Dress

The visual appearance or packaging of a product that signifies the source of the product and is legally protected.