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:

Id

In Freudian psychology, the part of the human psyche that is the source of instinctual impulses and demands for immediate satisfaction of primitive needs.

Video Games

Electronic games that involve interaction with a user interface to generate visual feedback on a two- or three-dimensional video display device.

Laptop

A portable personal computer with a clamshell form factor, suitable for mobile use and equipped with a keyboard and screen.

Id

In psychoanalytic theory, a part of the mind that is the source of instinctual impulses and demands for immediate satisfaction of basic needs.