When Constructing an Economic Model,economists

question 130

Multiple Choice

When constructing an economic model,economists:

• A)rely mostly on their own value judgments and ignore the far more complex world of facts.
• B)always try to duplicate reality by including all available information.
• C)use assumptions that are true for the individual but never true for the whole economy.
• D)must rely on assumptions for the sake of simplification.
• E)are primarily concerned with making realistic assumptions.

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Definitions:

Kaiser Wilhelm II

The last German Emperor (Kaiser) and King of Prussia, reigning from 1888 to 1918, his policies are often cited as contributing to the outbreak of World War I.

Buffalo Bill

William Frederick Cody, known as Buffalo Bill, an American soldier, bison hunter, and showman who founded Buffalo Bill's Wild West show.

Sitting Bull

A notable Hunkpapa Lakota leader who played a key role in the resistance against the United States government policies towards the Native American tribes.

Vigilantism

The act of taking law enforcement into one's own hands, often in response to perceived inadequacies in the legal justice system.