Which of the following abilities should an economic model possess?
A)It should lower the time cost of information collection.
B)It should help individuals to discern the information that matters for a problem.
C)It should be able to process both untrue or impossible to verify information as well as correct information in the data set.
D)It should suggest accurate solutions for a problem.

Question

Quizplus · Accepted Answer

An economic model should be able to help individuals discern the information that matters for a problem. This is because models are simplifications of reality, and should only include the relevant variables that affect the problem being analyzed. The other choices are not necessarily abilities that an economic model should possess.

Which of the Following Abilities Should an Economic Model Possess