Economists Make Simplifying Assumptions to

question 34

Multiple Choice

Economists make simplifying assumptions to

• A) understand extremely complex phenomenon.
• B) build a model that is as close to the real world as possible.
• C) focus on the variables that are important to an economic theory.
• D) A and C

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Definitions:

Greatest Common Factor

The highest number that divides exactly into two or more numbers without leaving a remainder.

Missing Factor

A value that, when multiplied with others, gives a specified result; often used in solving algebraic equations.

Greatest Common Factor

The largest number that divides two or more numbers without leaving a remainder.

Greatest Common Monomial Factor

The highest monomial that evenly divides all terms of a given polynomial.