Economic Models Are

question 91

Multiple Choice

Economic models are

• A) complex representations of reality.
• B) not related to real-world observations.
• C) used by teachers but not policymakers.
• D) updated as new real-world data become available.
• E) rarely reevaluated.

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Definitions:

Observations

In research, the recorded data or measurements of phenomena under study.

Data Values

Numerical or categorical values observed or recorded from an experiment or study.

Grade Point Average

A numerical calculation representing the average value of the accumulated final grades earned in courses over time, scaled most commonly on a 0 to 4.0 scale.