Why Do Economists Need to Develop Abstractions

question 233

Multiple Choice

Why do economists need to develop abstractions?

• A) to avoid analyzing real-world economic interactions, which are too complicated to understand
• B) to understand and explain economic behaviour
• C) to avoid committing the fallacy of composition
• D) to distinguish normative economic behaviour from positive economic behaviour

Differentiate between seasonal effects and cyclical effects.

Calculate moving averages for a given data set.

Identify advantages and disadvantages of the moving average forecasting model.

Perform seasonally adjusted forecasting.

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