In Constructing Models, Economists

question 240

Multiple Choice

In constructing models, economists

• A)include all independent variables.
• B)include all available information.
• C)attempt to duplicate the real world.
• D)make simplifying assumptions.

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Definitions:

Wallpaper

Decorative material used to cover and adorn the interior walls of homes, offices, and other buildings.

Answering Machine

A device or system for recording incoming telephone messages when the recipient is unable to answer the phone.

Duress

Compulsion, force, or undue pressure exerted upon a person to coerce them into performing an act against their will.

Threatens

Expresses an intention to cause pain, injury, damage, or other hostile action against someone in retribution for something done or not done.