Economists Use Models to Explain Real-Life Situations Because

question 27

Multiple Choice

Economists use models to explain real-life situations because:

• A)such models tend to be exactly what is occurring in each situation.
• B)assumptions found in such models tend to make analyzing the situation more difficult.
• C)simplifications and assumptions often yield results that can help to explain the more difficult real-life situations.
• D)real-life situations are not relevant to the building of models.

---

Definitions:

Mastectomy

A surgical operation to remove one or both breasts, partially or completely, often to treat or prevent breast cancer.

Extramarital Affair

A romantic relationship one engages in outside of their marriage without the consent of their spouse.

Crisis Assessment

A process of evaluating the severity and nature of a crisis to determine the appropriate level of intervention needed.

Job Termination

The formal end of an employee's position within a company or organization, which can be initiated by either the employer or the employee for various reasons.