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Which of the following statements about economic models is true?
a. Economic models are not empirically tested.
b. The predictive power of the model is not important.
c. Economic models are designed so that every detail of the real world can be analyzed.
d. Every economic model is based on a set of assumptions.

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Anne Gillian Duero
Anne Gillian DueroLv10
19 Oct 2020

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Related questions

Which of the following statements is​ FALSE?

A. Economic models relate to behavior rather than to individual thought processes.

B. Economists empirically test their models.

C. An economic model should capture only the essential relationships that are sufficient to analyze the particular problem being studied.

D. Economic models are not used to forecast.

Which of the following is not true about economic models?

a. Models are not perfect replicas of reality.

b. A model is only an approximation.

c. They can be highly complex and based on lengthy mathematical analysis.

d. They are not useful, since they do not include all variables.

Which of the following is not true about economic​ models?

A. A model is only an approximation.
B. They can be highly complex and based on lengthy mathematical analysis.
C. They are not​ useful, since they do not include all variables.
D. Models are not perfect replicas of reality.

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