If an Economic Model Includes an Assumption That There Are

question 93

Multiple Choice

If an economic model includes an assumption that there are only two nations in the world,this would be an example of

• A) a critical assumption
• B) an implicit assumption
• C) a simplifying assumption
• D) a concrete assumption
• E) a detail assumption

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Definitions:

Repossesses

The act of taking back an item, typically a vehicle or property, when the buyer fails to make the required payments.

Breach of Warranty

The failure to fulfill the terms of a promise or assurance, typically regarding the quality, condition, or performance of a product or service.

Lessor

The party in a lease agreement who owns the leased asset and provides it to the lessee in return for payment.

Warranted

Justified; having a valid reason or basis, often referring to a guarantee provided on a product or service.