Is It Possible to Express an Economic Model in Words

question 144

Multiple Choice

Is it possible to express an economic model in words without diagrams?

• A)No, models can only be stated in diagrams.
• B)No, the very definition of model requires mathematical form.
• C)Yes, some of the simplest models are verbal statements.
• D)Yes, although the best models always use diagrams.
• E)Uncertain, economic theory has not answered this question yet.

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Definitions:

Unemployment

The condition of being jobless and actively seeking employment.

Phillips Curve

An economic concept illustrating an inverse relationship between rates of unemployment and rates of inflation within an economy.

Congress

The legislative branch of the United States federal government, consisting of two houses: the Senate and the House of Representatives.

President Obama

President Obama refers to Barack Obama, the 44th president of the United States, serving from 2009 to 2017.