Economic models
A)make no assumptions in order to remain as accurate as possible.
B)are simplified versions of reality.
C)can not be used to analyze real-world issues.
D)magnify the complexity of economic issues in order to provide useful data.

Question

Quizplus · Accepted Answer

Economic models are simplified representations of reality used to analyze and understand complex economic phenomena. They make assumptions in order to simplify the complexity of real-world issues and provide useful insights and data.

Economic Models