How Do Economists Begin Building an Economic Model

question 131

Multiple Choice

How do economists begin building an economic model?

• A) by writing grants for government funding
• B) by conducting controlled experiments in a lab
• C) by making assumptions
• D) by reviewing statistical forecasts

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Definitions:

1946

The year following the end of World War II, marked by significant global post-war recovery efforts, the beginning of the Cold War, and the establishment of the United Nations.

Geopolitics

The study of how geographic factors influence political power, international relations, and strategic decision-making.

Mobilize Support

To gather or rally support among a large group of people or organizations, often for a specific cause or action.

Postwar Strike Wave

A series of labor strikes that occurred in various industries across the United States immediately following World War I, reflecting workers' demands for better wages and working conditions.