An economic theory is also known as an economic

Question

Quizplus · Accepted Answer

An economic theory refers to a set of ideas, assumptions, and/or models that help explain and predict economic behavior and phenomena. Therefore, the best choice is A, as an economic theory is often referred to as an economic model. Option B (art) and C (miracle) are not applicable to the definition of an economic theory. Option D (assumption) is sometimes used interchangeably with theory, but it is not as accurate as model.

An Economic Theory Is Also Known as an Economic