If a model fits reality but doesn't generate testable predictions,it is of little value to economists.
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Q36: Einstein was quoted saying "Everything should be
Q37: Which of the statements below is/are normative?
A)
Q38: If an important assumption is omitted from
Q39: Economic modeling requires
A) mathematics.
B) logic.
C) calculus.
D) trigonometry.
Q40: Economic models are most useful in
A) predicting
Q42: Governments may use microeconomic models to study
Q43: Economic models are only useful in analyzing
Q44: Describe in words the anatomy of an
Q45: Which of the following can be analyzed
Q46: If actual experience supports two competing theories,then
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