Which statement about economic models is not true?
A) Analytical models consist of a clear set of assumptions and conclusions that are drawn from them.
B) Economic models simplify reality because the economic reality is too complicated.
C) Economic models consist of exogenous variables which are the response to changes in endogenous variables.
D) Models are used in both theoretical and empirical work.
E) Economic models must be coherent to be effective.
Correct Answer:
Verified
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