When Building a Model, an Economist Must

question 67

Multiple Choice

When building a model, an economist must:

• A) adjust for exceptional situations.
• B) provide a complete description of reality.
• C) make simplifying assumptions.
• D) develop a set of behavioral equations.

Analyze hydrograph data to deduce stream discharge, storm intensity, and urbanization impacts on runoff.

Comprehend the formation of geographical features like deltas due to sediment deposition when a river meets a lake or sea.

Interpret the significance of a hydrograph's measurements and units, such as discharge and time.

Describe the influences on drainage patterns based on rock resistance, erosion, and historical geological events.

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Definitions:

Triangular Distribution

A probability distribution with a shape formed by a triangle, which is specified by a minimum, a maximum, and a mode value.

Expected Value

The weighted average of all possible values of a random variable, taking into account their probabilities.

Bounded Distribution

A statistical distribution with both a minimum and maximum value, limiting the range of possible outcomes.

Uniform Continuous Probability Distribution

A type of distribution where all outcomes in a certain interval are equally likely.