Constructing an economic model requires all of the following except:
A)explicit assumptions.
B)empirical tests of deductions.
C)predictions deduced from assumptions.
D)comparison with other economic models.

Question

Quizplus · Accepted Answer

Comparison with other economic models is not a requirement for constructing an economic model. The construction primarily involves making explicit assumptions, deducing predictions from these assumptions, and empirically testing these deductions. Comparing with other models is more about validation and refinement rather than construction.

Constructing an Economic Model Requires All of the Following Except