Select the Best Statement About Economic Models

question 149

Multiple Choice

Select the best statement about economic models.

• A)An economic model must always be correct in its predictions or it must be discarded.
• B)An economic model is evaluated based on the realism of its assumptions.
• C)An economic model should not generate predictions about actual events in the real world,since it discusses only abstract events.
• D)An economic model will be discarded if its predictions are often in conflict with the facts.
• E)Economic models are all false.

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Definitions:

Alternative Hypothesis

A statement in statistics that indicates something is true, different from the null hypothesis, usually suggesting a new effect or phenomenon.

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