Good Economic Models Should

question 114

Multiple Choice

Good economic models should:

• A) attempt to include every detail of the situation being studied.
• B) attempt to describe a situation with perfect accuracy.
• C) not be applied to microeconomics.
• D) describe a real-life situation accurately.

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Definitions:

Gelman

A cognitive psychologist known for her work on the development of categorization and reasoning in children, especially in understanding numbers and biology.

Count Words

The process or activity of determining the number of words in a text or document.

Order-Relevant Principle

involves the idea that the sequence or arrangement of elements or events can significantly affect understanding, memory, or perception.

Abstraction Principle

A concept in computer science and mathematics where specific instances are generalized to a set of properties or behaviors, facilitating generality and reuse.