A model is valid
A) if it is based on human behavior.
B) if it is new.
C) if it has been around for many years.
D) if it can explains some observations or events.
E) only if it makes predictions perfectly.
Correct Answer:
Verified
Q40: Economic models
A)are not complicated because the behavior
Q41: Economists are likely to evaluate the impacts
Q42: Economists develop new models only when new
Q43: A major reason for the development of
Q44: Exhibit 2-3 Q46: A hypothesis is Q48: The ceteris paribus assumption is used in
A)an alternative to using models.
B)a
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