Which of the following statements is true of models?
A) The predictions of a model are referred to as data.
B) A model is formulated after developing a hypothesis.
C) Models are always based on assumptions that are known to be true.
D) It is more important for a model to be simple and useful than to be precisely accurate.
Correct Answer:
Verified
Q4: Economic models are often based on assumptions
Q5: What is meant by the term "scientific
Q6: Which of the following statements is true?
A)
Q7: A model's predictions are referred to as
Q8: Which of the following is a feature
Q10: The scientific method refers to the process
Q11: Why are data essential components of the
Q12: A model is based on an assumption
Q13: Which of the following statements is true?
A)
Q14: Empirical evidence refers to _.
A) a simplified
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