These four steps, 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; and
(4) use the model to make other predictions that eventually may be tested.

Question

Quizplus · Accepted Answer

This is the correct sequence of steps for studying macroeconomic behavior.

These Four Steps, in the Following Order, Are Used to Study