The value of an economic theory in practice is determined by
A) how accurate the assumptions are.
B) how well the theory can be represented by a graph.
C) how well the theory can predict or explain.
D) how parsimonious the model is.

Question

Quizplus · Accepted Answer

The value of an economic theory in practice is primarily determined by its ability to predict or explain real-world phenomena, making it a useful tool for understanding and forecasting economic outcomes.

The Value of an Economic Theory in Practice Is Determined