In choosing among alternative models, economists generally have the strongest preference for models that
A) have assumptions that are complicated.
B) are detailed and complex, with every available fact and figure included.
C) have assumptions that are close to exact replicas of reality.
D) have few assumptions and are as simple as possible, even if they cannot predict very well.
E) predict better than any other that is available.
Correct Answer:
Verified
Q94: The scientific purpose of simplifying assumptions in
Q95: An economic model is
A)useful if it predicts
Q96: Statements about "what is" are called
A)scientific statements.
B)normative
Q97: Which of the following statements is normative?
A)If
Q98: You have the choice to go skiing
Q100: Select the best statement about economic models.
A)Economic
Q101: When Al makes the statement, "The cost
Q102: Economists test economic models by using
A)personal economic
Q103: Use the information below to answer the
Q110: Use the figure below to answer the
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