All of the Following Are True of Models Except

question 28

Multiple Choice

All of the following are true of models except:

• A) they simplify reality.
• B) they are good if they make predictions that align with real world observations.
• C) they are used exclusively by economists.
• D) supply/demand analysis is an example of a model.

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Definitions:

Median

Value of a variable that splits a distribution of scores in half, with the same number of scores above the median as below.

Standard Deviation

A statistic used to determine the degree of spread or variation among data values in a series.

Bimodal

Describes a distribution or data set that has two distinct modes or peaks in its frequency of occurrence.

Parameter

A numerical characteristic of a population, such as mean or standard deviation, that can be estimated by statistics calculated from a sample.