An Economic Model

question 20

Multiple Choice

An economic model

• A)always has a mathematical foundation
• B)can never be proven wrong
• C)can be constructed for an individual economic unit but not for the economy as a whole
• D)is a simplification of the real world
• E)can be constructed for the economy as a whole but not for an individual economic unit

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Definitions:

Changes Observed

Alterations or variations that have been noticed or recorded in a particular condition or situation over time.

Experimenter Bias

A form of bias introduced by the expectancies or preferences of the researcher that can affect the outcome of an experiment.

Expected Outcome

The anticipated result or effect of an action, process, or experiment.

Experiment

An experiment conducted for the purpose of discovering something new, verifying a hypothesis, or proving an established fact.