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

Question

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

Quizplus · Accepted Answer

1. Identifying the problem is the first step in the process because the economist needs to understand what situation or phenomenon they are trying to explain or predict.
2. Developing a model based on simplifying assumptions is the next step because the model will help the economist understand the relationships between different variables and make predictions about how those variables will behave under different conditions.
3. Collecting data is the next step because the economist needs to have empirical evidence to test the model and see if it accurately captures the real-world phenomenon they are studying.
4. Formulating a conclusion is the final step because the economist has now used the model and the data to draw insights and make predictions about the phenomenon they were studying.

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