Asked by George Khoury on Apr 25, 2024
Verified
Which of the following steps does an economist not take when studying the economy?
A) Devise theories
B) Collect data
C) Analyze data
D) Model the economy without any assumptions
Model Assumptions
Fundamental suppositions upon which economic models and theories are based to simplify reality and facilitate analysis.
- Familiarize oneself with the techniques used in economic theoretical development and understand the boundaries of conducting economic experiments.
Verified Answer
TJ
Teaonna Joachina7 days ago
Final Answer :
D
Explanation :
Economists often use assumptions to simplify the complex realities of economic behaviors and trends when modeling the economy. It is not feasible to model the economy without any assumptions due to its complexity.
Learning Objectives
- Familiarize oneself with the techniques used in economic theoretical development and understand the boundaries of conducting economic experiments.
Related questions
Suppose an Economist Develops a Theory That Higher Housing Prices ...
How Are Economists Not Like Mathematicians, Physicists, and Biologists ...
Instead of Conducting Laboratory Experiments to Generate Data to Test ...
The Use of Theory and Observation Is More Difficult in ...
Related to the Economics in Practice on P ...