A characteristic of a good model is that
A) its predictions can be tested using real-world data.
B) it is useful for making irrefutable predictions.
C) it applies to all situations.
D) it predicts perfectly.
Correct Answer:
Verified
Q197: One reason why economists often use models
Q198: An appropriate test of the effectiveness of
Q199: Which of the following is an example
Q200: Mary says she plans to return to
Q201: To be useful, a model must
A) predict
Q203: According to the bounded rationality hypothesis, an
Q204: An economic theory is also known as
Q205: When constructing economic models, economists are more
Q206: Which of these social sciences deals most
Q207: A difference between biology and economics is
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents