Which of the following statements is NOT true?
A) If an economic theory is proven to be untrue, then it must be discarded.
B) If an economic theory is proven to be untrue, then it may be modified or discarded.
C) Economic theories provide the basis for making predictions.
D) Economic models are specific representations of economic theories.

Question

Quizplus · Accepted Answer

Economic theories are not always completely true or false; they are often simplifications of complex scenarios. If a theory is shown to be incorrect in a given situation, it may still have validity in other contexts or require modification rather than complete abandonment.

Which of the Following Statements Is NOT True