In Constructing Models,economists

question 137

Multiple Choice

In constructing models,economists

• A)leave out equations,since equations and models tend to contradict one another.
• B)ignore the long run,since models are useful only for short-run analysis.
• C)sometimes make assumptions that are contrary to features of the real world.
• D)try to include every feature of the economy.

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Definitions:

Cognitive Development

The study of how thinking, problem-solving, and knowledge understanding evolves from infancy to adulthood.

Subtract

To take one number away from another, resulting in the difference between the two values.

Cognitive Development

The study of how children and adults develop and evolve in terms of thinking, reasoning, and understanding.

Water

A transparent, odorless, tasteless liquid compound of hydrogen and oxygen, H2O, essential for most plant and animal life and used by all living things.