Organize the Steps an Economist Would Follow in the Model-Building

question 97

Multiple Choice

Organize the steps an economist would follow in the model-building process into their proper order.  - Develop a model  based on simplifying assumptions
 - Collect data
 - Identify the problem
 - Formulate a conclusion

• A) 1. Develop a model based on simplifying assumptions. 2. Collect data.  3. Identify the problem. 4. Formulate a conclusion
• B) 1. Collect data. 2. Develop a model based on simplifying assumptions. 3. Identify the problem. 4. Formulate a conclusion .
• C) 1. Identify the problem. 2. Develop a model based on simplifying assumptions.  3. Collect data. 4. Formulate a conclusion
• D) 1. Formulate a conclusion. 2. Collect data. 3. Identify the problem. 4. Develop a model based on simplifying assumptions.

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Definitions:

Veto

The power to unilaterally stop an official action, especially the enactment of legislation.

Enact

To make into law by official decree.

Congress

A national legislative body, primarily responsible for making laws.

Marbury v. Madison

A landmark case in 1803 where the U.S. Supreme Court first declared the power of judicial review, establishing the basis for the judiciary's ability to declare laws unconstitutional.