Economists are likely to evaluate the impacts of rising gasoline prices through the use of
A)outdated models with new applications.
B)models that are not relevant to the healthcare industry.
C)existing models that are useful for explaining observations.
D)models that are useful only for exposition in economics textbooks.
E)new models with old data.

Question

Quizplus · Accepted Answer

Economists are likely to use existing models that have been proven useful in explaining observations to evaluate the impacts of rising gasoline prices. These models may need to be adapted or modified to fit the current situation, but they serve as a good starting point for analysis. Outdated models or models from unrelated industries would not be as effective. Similarly, new models with old data would not be as relevant or accurate.

Economists Are Likely to Evaluate the Impacts of Rising Gasoline