Any Economic Model Should Be Judged Primarily On

question 30

Multiple Choice

Any economic model should be judged primarily on:

• A)How realistic its assumptions are.
• B)How accurately its predictions match observed behavior.
• C)How easy the model is to use.
• D)How many aspects of real-world behavior and choices are incorporated in the model.
• E)How original the model is compared to other models.

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Definitions:

Retrospective

Looking back on or dealing with past events or situations.

Independent Risk Factor

A variable that on its own increases the likelihood of developing a disease or health condition, independent of other factors.

Risk Factor

An attribute, characteristic or exposure of an individual that increases the likelihood of developing a disease or injury.

Obesity

A state of health where there is an excessive accumulation of body fat, heightening the risk of various health complications.