To be useful, a model must
A) predict accurately all of the time.
B) predict more accurately than other models that have been developed.
C) have assumptions that have been verified by empirical testing.
D) explain and predict the behavior of every individual.
Correct Answer:
Verified
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Q202: Economic models are
A)always based on laboratory methods
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Q207: Economics is called an empirical science because
A)economists
Q208: The hypothesis that people are nearly, but
Q210: "Ceteris paribus" assumption means
A)the role of rational
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A) must be
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