Economic models are most often tested
A) using computer simulations.
B) using data from the distant past.
C) using data from the real world.
D) using logic alone.

Question

Quizplus · Accepted Answer

Economic models are typically tested using real-world data to determine their accuracy and usefulness in predicting economic outcomes. While computer simulations can be useful in certain contexts, they are not always reflective of real-world situations. Similarly, relying solely on data from the distant past may not be relevant or reflective of current economic conditions. Using logic alone to test economic models may also be insufficient, as there are often numerous variables and factors to consider in economic analysis.

Economic Models Are Most Often Tested