An Economic Model Is Tested by

question 1

Multiple Choice

An economic model is tested by

• A)examining the realism of its assumptions.
• B)comparing its predictions with the facts.
• C)comparing its complexity to other models that deal with similar issues.
• D)the Testing Committee of the Canadian Economic Association.
• E)comparing its descriptions and examining the realism of its assumptions.

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Definitions:

Government

The system or organization through which a community, state, or nation is governed, responsible for creating and enforcing laws, policies, and regulations.

Peace And Security

A concept referring to the protection and preservation of a state's or region's stability and safety from conflict and violence.

Liberty

The state of being free within society from oppressive restrictions imposed by authority on one's way of life, behavior, or political views.

Oligarchical Regime

is a form of government in which power rests with a small number of people distinguished by royalty, wealth, family ties, education, corporate, or military control.