Economists Make Assumptions in Order to

question 113

Multiple Choice

Economists make assumptions in order to

• A) mimic the methodologies employed by other scientists.
• B) minimize the number of experiments that yield no useful data.
• C) minimize the likelihood that some aspect of the problem at hand is being overlooked.
• D) focus their thinking on the essence of the problem at hand.

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Definitions:

Physical Arousal

The physiological state of being alert and reactive to stimuli, often involving increased heart rate, blood pressure, and energy levels.

Social Approval

The acceptance or endorsement by a social group, regarded as a significant motivator for human behavior.

Custom

A traditional practice or habitual behavior shared by members of a community or society.

Peers and Offspring

Refers to the relationship dynamics between individuals of similar age groups and their children.