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:

Trait Dimension

A trait dimension is a continuum along which individual differences in a specific personality trait can be measured.

Conscientiousness

A personality trait characterized by thoroughness, diligence, and the organization of one's actions.

Empirically Derived

Derived from or guided by experience or experimentation rather than theory or pure logic.

Discriminate

To make a distinction or differentiate, often unfairly, between individuals or groups based on characteristics such as race, gender, or age.