Making Use of an Economic Model Is a Process of

question 5

Multiple Choice

Making use of an economic model is a process of

• A)running experiments to determine how changes in the endogenous variables will change the exogenous variables.
• B)resolving inconsistencies in the actions of economic agents.
• C)running experiments to determine how changes in the exogenous variables will change the endogenous variables.
• D)determining how a closed economy is linked to an open economy.
• E)solving hundreds of simultaneous equations.

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Definitions:

Logical Thinking

The process of reasoning consistently and sensibly, using a structured and coherent approach to arrive at conclusions.

Reflex Behaviors

Automatic, involuntary, innate responses to stimulation.

Involuntary

Occurring without a person's conscious choice or control, often referring to reflex actions or physiological responses.

Innate Responses

Natural, automatic reactions to stimuli that occur without prior learning or experience.