The models that economists construct:
A)usually make simplifying assumptions.
B)often rely on physical constructs,such as those used by architects.
C)rarely use mathematical equations or graphs.
D)attempt to precisely replicate the real world.

Question

Quizplus · Accepted Answer

Economists often make simplifying assumptions in order to make their models manageable and understandable. While some models may use mathematical equations and graphs, not all do, and physical constructs are not typically used in economic modeling. It is important to note that while these models may not precisely replicate the real world, they can still provide valuable insights and predictions.

The Models That Economists Construct