To be useful, an economic model must include all variables that could possibly affect what is being studied.

Name: To be useful, an economic model must include all variables that could possibly affect what is being studied.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Economic models are simplifications of reality and typically include only the most important variables to explain or predict economic phenomena, excluding many potential variables to avoid complexity and improve clarity.

To Be Useful, an Economic Model Must Include All Variables