_ faults 5. Study Questions and Problems #5 - complexities Complete the following sentences to explain wh y it is important for an m -l to be an abstraction from the real world. The purpose of a model is to construct an abstraction from real-world V to make events V . To be useful, a model requires V assumptions. complex 5. Study Questions and Problems #5 true Complete the following sentences to explain why it is important for an economic model to be an abstractic understandable rid. The purpose of a model is to construct an abstraction from real-world to make events . To be useful, a model requires assumptions.simplified Complete the fo ences to explain why it is important for an economic model to be an abstraction from the real world. elaborate The purpose of construct an abstraction from real-world to make events . To be useful, a model requires assumptions