Assumptions are necessary to
A) make economics a social science.
B) define a set of circumstances where a model is most likely to apply.
C) define the relationship between wants and resources under all circumstances.
D) define the specific cause and effect relationship that is being explained by social sciences.

Question

Quizplus · Accepted Answer

Assumptions are necessary to define a set of circumstances where a model is most likely to apply. Without assumptions, it is difficult to establish a clear relationship between the variables being studied. Assumptions also allow economists to simplify complex situations and make them more manageable to analyze. However, it is important to recognize that all assumptions are based on certain limitations and may not capture the full complexities of real-world situations.

Assumptions Are Necessary to