Economic Models

question 91

Multiple Choice

Economic models

• A)are people who act out the behavior of firms and households so that economists can study this behavior.
• B)are usually detailed replications of reality.
• C)incorporate simplifying assumptions that often contradict reality,but also help economists better understand reality.
• D)are useful to researchers but not to teachers because economic models omit many details of the real-world economy.

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Definitions:

After-School Program

Educational and recreational activities organized for children after the regular school day has ended, often aimed at furthering learning and social development.

Causation

The relationship between cause and effect where one event (the cause) is understood to be responsible for the occurrence of another event (the effect).

Correlation

A measure of the relationship between two variables or sets of data.

Hives

An allergic reaction that causes itchy, red welts on the skin, often triggered by medications, foods, stress, or other stimuli.