Economic models are used primarily to
A) predict behavior under specific circumstances
B) make an exact reproduction of one facet of the economy
C) increase the mathematical complexity and rigor of economics
D) provide simple answers to simple questions
E) give accurate forecasts of the future

Question

Quizplus · Accepted Answer

Economic models are used to predict behavior under specific circumstances, taking into account various factors and assumptions. They are not meant to provide exact reproductions of the economy or increase mathematical complexity for its own sake. Nor are they simple answers to simple questions or perfect forecasts of the future, as they are based on imperfect information and human behavior.

Economic Models Are Used Primarily to