Which of the following is part of an economic model?
A)preferences of economic agents
B)data
C)norms
D)opinions

Question

Quizplus · Accepted Answer

An economic model is a simplified representation of economic reality that includes variables and assumptions used to analyze economic behavior. Data is an essential component of economic models as it is used to validate the model and make predictions about economic behavior. Preferences, norms, and opinions are not typically included in economic models, although they may influence economic behavior.

Which of the Following Is Part of an Economic Model