One guideline that should be used whenever possible in developing a model is to
A) keep the model as simple as possible
B) make the model as complex as possible so that it will be more accurate than other models
C) rely on as many assumptions as possible
D) not be concerned about including unnecessary details
E) make certain that the model is an accurate,complete depiction of reality
Correct Answer:
Verified
Q115: Using economic analysis to help understand world
Q116: Economic models are used primarily to
A) predict
Q117: Simplifying assumptions always affect the conclusions derived
Q118: Economic models typically assume that decision makers
Q119: An economic model
A) uses equations to understand
Q121: Consider an economic model designed to analyze
Q122: The ultimate purpose of an economic model
Q123: A critical assumption is one
A) that affects
Q124: The best economic theory is the one
A)
Q125: The opportunity cost of any activity can
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