The Purpose of Making Assumptions in Economic Model Building Is

question 43

Multiple Choice

The purpose of making assumptions in economic model building is to

• A)force the model to yield the correct answer.
• B)minimize the amount of work an economist must do.
• C)simplify the model while keeping important details.
• D)express the relationship mathematically.

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Definitions:

Selection Decisions

The process of choosing the best candidate or option from a group of applicants or alternatives, often used in the context of hiring or resource allocation.

Prospective Manager

An individual being considered or training for a managerial position, often showing potential or readiness to take on management responsibilities.

Training Funds

Financial resources allocated specifically for the purpose of education and training of personnel to improve skills and competencies.

Best Existing Qualifications

Refers to the highest level of education, skills, and experience that current candidates possess for a job or position.