These four steps, and in the following order, are used to study macroeconomic behavior:
(1) document the facts;
(2) develop a model;
(3) compare the predictions of the model to the original facts;
(4) use the model to make other predictions that eventually may be tested.

Question

Quizplus · Accepted Answer

This is a correct statement about the steps used in studying macroeconomic behavior.

These Four Steps, and in the Following Order, Are Used