When Building a Model, an Economist Must

question 67

Multiple Choice

When building a model, an economist must:

• A) adjust for exceptional situations.
• B) provide a complete description of reality.
• C) make simplifying assumptions.
• D) develop a set of behavioral equations.

---

Definitions:

Monkeys

Primates that are not apes or humans, typically having tails and less developed brains compared to apes, and are known for their agility and social behaviors.

Trait Theorists

Psychologists who focus on identifying, describing, and measuring individual differences in behavioral predispositions.

Reciprocal Determinism

A concept in psychology that suggests individual behavior and the environment influence each other in a two-way dynamic.

Factor Analysis

A method in statistics that accounts for the differences among observed, correlated variables by reducing them to fewer unknown variables, referred to as factors.