Why Do Economists Use Economic Models

question 62

Multiple Choice

Why do economists use economic models?  

• A) to construct simplifying assumptions about real world economics 
• B) to explain economic reality in all its complexity 
• C) to explain and predict economic events 
• D) to construct economic situations where controlled experiments can be carried out

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Definitions:

OpenForm Action

A command or method in software development that initiates the opening of a form within an application, typically used in graphical user interfaces.

If Statement

A programming conditional statement that executes a block of code if a specified condition is true.

Conditional Expression

An expression in programming that evaluates to true or false and dictates the flow of control based on specified conditions.

Data Macro

A feature in database software that allows for the automation of tasks such as data validation or notifications when data is changed.