Which of the Following Statements Is Correct

question 110

Multiple Choice

Which of the following statements is correct?

• A)Few economic models incorporate assumptions.
• B)Different economic models employ different sets of assumptions.
• C)Good economic models attempt to mimic reality as closely as possible.
• D)Economic models,to be accepted,must be tested by conducting experiments.

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Definitions:

Identical Populations

Populations in statistical studies that have exactly the same characteristics, distributions, and parameters.

Permutation Resamples

A statistical technique for obtaining null distributions by calculating all possible values of a test statistic under rearrangements of the observed data.

Null Hypothesis

A statement positing that there is no significant difference between specified populations, any observed difference being due to sampling or experimental error.

Bootstrap Resamples

Sampling method involving repeatedly drawing samples, with replacement, from a dataset to estimate the distribution of a statistic.