The Purpose of Making Assumptions in an Economic Model Is

question 47

Multiple Choice

The purpose of making assumptions in an economic model 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:

Temporary

Describing something that is not permanent or lasting, often implied to exist for a limited time.

Technical Aspects

Pertains to the specific, often complex details and elements within a field or project that require specialized knowledge or expertise.

Operational Aspects

The day-to-day functions and management of an organization or project, focusing on efficiency and effectiveness.

Asynchronous Communication

A form of communication where sending and receiving occur at different times, allowing participants not to be concurrently present.