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:

Natural Aversion

The innate or instinctive avoidance of certain activities, substances, or situations by individuals or species.

Confirmation Bias

The habit of looking for, comprehending, preferring, and recollecting facts in a way that validates one's existing convictions or assumptions.

Obama Presidency

The period during which Barack Obama served as the President of the United States, from January 20, 2009, to January 20, 2017.

Hard-Core Republicans

A term describing members of the Republican Party in the United States who are deeply committed to its conservative principles and policies.