What Do Economists Always Do When They Are Constructing Theories

question 56

Multiple Choice

What do economists always do when they are constructing theories or models?

• A)They make simplifying assumptions.
• B)They attempt to duplicate the real world.
• C)They ensure that the theory can be expressed mathematically.
• D)They try to include as much information as possible.

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Definitions:

Action Specific Energy

A concept in ethology suggesting that certain behaviors build up energy within an organism, which then seeks release through specific actions.

Instinctive Behaviors

Innate, fixed patterns of response to stimuli that are not learned and are common to all members of a species.

Conditioning Experience

The process through which an association between two stimuli or a behavior and a stimulus is learned.

A State

In psychology, a temporary emotional or mental condition in contrast to more stable traits.