Which of the Following Statements About Economic Models Is True

question 49

Multiple Choice

Which of the following statements about economic models is true?

• A)There is only one correct economic model.
• B)All economic models are based on the same assumptions.
• C)The purpose of economic models is to show how endogenous variables affect exogenous variables.
• D)Economists use different models to address different economic phenomena.

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Definitions:

Psychological Research

The scientific study of behavior, cognitive processes, and emotions, employing various methods to understand mental functions and social dynamics.

Commonsense Understanding

The natural ability to make practical judgments and decisions based on the simple perception of the situation or facts.

Clinical Psychologist

A professional specializing in diagnosing and treating mental illness, emotional disturbances, and dysfunctional behavior through therapy.

Tense And Anxious

Feeling a state of nervousness or worry, often characterized by physical symptoms like increased heart rate and sweating.