Which of the following is NOT a basic element of a model?
A) Assumptions, which are conditions held to be true in developing economic theories.
B) Two variables whose relationship is to be explored.
C) Data collection and analysis.
D) Recommendations for action based on the reported relationship between the variables.

Question

Quizplus · Accepted Answer

Models typically include assumptions, variables, and data collection/analysis to explore relationships and test theories. Recommendations for action, however, are derived from interpreting the model's outcomes, not a basic element of the model itself.

Which of the Following Is NOT a Basic Element of a Model