Which of the Following Statements Is True

question 243

Multiple Choice

Which of the following statements is true?

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

---

Definitions:

Fundamental Questions

Fundamental questions are basic inquiries that seek to understand the core aspects or principles of a subject or issue.

Business Venture

A start-up enterprise or a new business activity undertaken by an individual or company with the goal of generating profit or growth.

Earned-Income Strategies

Revenue generation methods adopted by organizations, especially nonprofits, to earn income directly from their operations, aside from donations or grants.

Public Perception

The collective attitudes, beliefs, and impressions held by the general public about a particular subject or entity.