An Economic Model Is

question 45

Multiple Choice

An economic model is:

• A)focused on all variables in the economy.
• B)used to design an economic theory.
• C)a pursuit of parsimony.
• D)designed to highlight minor details of the reality.

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Definitions:

Negative Impact

An adverse effect or harm that is caused by an action, event, or situation.

Disadvantaged Groups

Communities or populations that experience social, economic, or political barriers due to various factors, leading to inequality and limited opportunities.

Culturally Biased

Culturally biased pertains to judgments or actions that are unfairly influenced by specific cultural norms, leading to discrimination or misunderstanding of other cultures.

SAT

A standardized test widely used for college admissions in the United States, assessing a student's readiness for college-level work in areas like math, reading, and writing.