When Constructing an Economic Model, Economists

question 129

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 simplifying assumptions that abstract from the complexity of the real world
• E)are primarily concerned with making realistic assumptions

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Definitions:

Faster Responses

The ability to react or reply more quickly to stimuli or questions.

Web

A system of interconnected hypertext documents accessed via the Internet.

Early Years

A term referring to the initial stages of a person's life, often focusing on the developmental period from birth to eight years old.

Historical Determinism

The view that personality is basically fixed in the early years of life and subject to little change thereafter.