In an Economic Model, Assumptions

question 221

Multiple Choice

In an economic model, assumptions

• A) must be applicable to all real-world situations.
• B) must be eliminated before being used to make sure the model is realistic.
• C) are not important in determining the usefulness of the model.
• D) define the set of circumstances in which the model is most likely to be applicable in the real world.

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Definitions:

Describing Skill

The ability to accurately and effectively convey information about objects, situations, or processes using precise language.

Honest Responses

Answers or feedback given with sincerity and truthfulness, without deceit, exaggeration, or withholding.

Relevant

Pertains to something directly connected or significant to the matter at hand.

Really Listen

The act of actively and attentively listening, fully engaging with the speaker's words to understand their message comprehensively.