The Objective of an Economic Model Is to

question 42

Multiple Choice

The objective of an economic model is to

• A) be an accurate description of reality
• B) yield better understanding of important relationships
• C) use simplifying assumptions to make positive economic statements
• D) use basic principles of economics to derive fundamental assumptions about human behavior
• E) predict real-world occurrences with complete accuracy

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Definitions:

American Indians

Indigenous peoples of the Americas, the original inhabitants before European colonization.

High-yield Crops

Agricultural plants that are bred or modified to produce a significantly higher amount of produce per acre compared to standard varieties.

Domesticating

Involves the process of adapting wild plants and animals for human use, making them more amenable to human control.

Cultural Diversity

The existence of a variety of cultural or ethnic groups within a society, contributing to a richer social fabric and promoting mutual understanding.