Organize the steps an economist would follow in the model-building process into their proper order.
- Use simplifying assumptions
- Develop a model
- Collect data
- Identify the problem
- Formulate a conclusion
A) 1. Develop a model. 2. Collect data. 3. Use simplifying assumptions. 4. Identify the problem. 5. Formulate a conclusion.
B) 1. Use simplifying assumptions. 2. Collect data. 3. Develop a model. 4. Identify the problem. 5. Formulate a conclusion.
C) 1. Identify the problem. 2. Develop a model. 3. Use simplifying assumptions. 4. Collect data. 5. Formulate a conclusion.
D) 1. Formulate a conclusion. 2. Collect data. 3. Identify the problem. 4. Develop a model. 5. Use simplifying assumptions.

Question

Organize the steps an economist would follow in the model-building process into their proper order.
 - Use simplifying assumptions 
 - Develop a model
 - Collect data
 - Identify the problem
 - Formulate a conclusion
A) 1. Develop a model. 2. Collect data. 3. Use simplifying assumptions. 4. Identify the problem. 5. Formulate a conclusion.
B) 1. Use simplifying assumptions. 2. Collect data. 3. Develop a model. 4. Identify the problem. 5. Formulate a conclusion.
C) 1. Identify the problem. 2. Develop a model. 3. Use simplifying assumptions. 4. Collect data. 5. Formulate a conclusion.
D) 1. Formulate a conclusion. 2. Collect data. 3. Identify the problem. 4. Develop a model. 5. Use simplifying assumptions.

Quizplus · Accepted Answer

The economist would first identify the problem they want to study, then develop a model to analyze the problem. They would use simplifying assumptions to make the model more manageable, and then collect data to test the model. The economist would then formulate a conclusion based on the data and the model.

Organize the Steps an Economist Would Follow in the Model-Building