Mathematically, an economic model is:
A) a fake world.
B) a spreadsheet.
C) an accurate representation of reality.
D) a set of equations.
E) the actual macroeconomy.

Question

Quizplus · Accepted Answer

A mathematical economic model is based on a set of equations that attempt to capture the behavior of the economy. While these equations cannot perfectly represent reality, they can provide insights into how different factors may interact and affect the economy.

Mathematically, an Economic Model Is