An Economic Model Is Useful If It

question 54

Multiple Choice

An economic model is useful if it

• A)includes every detail of reality
• B)involves no unproven assumptions
• C)is expressed in equations
• D)makes accurate predictions
• E)is simple enough to be understood by a child

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Definitions:

U.S. Citizens

Individuals who are legally recognized as members of the United States, with specific rights, privileges, and obligations.

Government Budget Surplus

A Government Budget Surplus occurs when a government's income exceeds its spending over a specific period.

Foreign Companies

Businesses that are registered, located, or operating in a country different from where the parent company is situated.

Dollar Value

The worth of something in terms of the amount of currency it can buy or how much currency is required to buy it.