Which of the Following Is True of Economic Models

question 15

Multiple Choice

Which of the following is true of economic models?

• A) Models are too theoretical to be applicable in real world decisions.
• B) Models are not useful because uncertainty prevents accurate forecasts.
• C) Models are simplified descriptions of processes, relationships, or other phenomena.
• D) Models describe real world situations in complete detail.
• E) Models are not useful because they do not take into account complicating and less important features of a problem.

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Definitions:

Social Anxiety Disorder

An anxiety disorder characterized by fear of social situations or performance where a person is anxious about being negatively evaluated by others.

Specific Phobias

Intense, irrational fears of certain objects or situations that pose little or no actual danger.

Generalized Anxiety Disorder

A mental health condition characterized by persistent and excessive worry about various aspects of life, beyond that of normal stress.

Specific Phobia

An intense, irrational fear of a specific object, situation, or activity that leads to avoidance behavior.