In Constructing Models, Economists

question 387

Multiple Choice

In constructing models, economists

• A) make simplifying assumptions.
• B) include all available information.
• C) must use mathematical equations.
• D) attempt to duplicate the real world.

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Definitions:

Obsessions

Persistent, unwanted thoughts, images, or impulses that cause significant anxiety or distress.

Compelling

Highly interesting or attractive in a way that draws attention.

Recurrent

Occurring repeatedly or periodically. This can refer to events, phenomena, or conditions that happen over and over again.

Daily Life

Activities and experiences that constitute a person's regular routine and existence.