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.
Answer: C
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