These four steps, and in the following order, are used to study macroeconomic behavior:
(1) document the facts;
(2) use the model to make other predictions that may eventually be tested;
(3) compare the predictions of the model to the original facts;
(4) develop a model.

Question

Quizplus · Accepted Answer

The correct order is: (1) document the facts; (2) develop a model; (3) compare the predictions of the model to the original facts; (4) use the model to make other predictions that may eventually be tested.

These Four Steps, and in the Following Order, Are Used