Which of the Following Statements About Models Is Correct

question 201

Multiple Choice

Which of the following statements about models is correct?

• A)The more details a model includes,the better the model.
• B)Models assume away irrelevant details.
• C)Models cannot be used to explain how the economy functions.
• D)Models cannot be used to make predictions.

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Definitions:

Level Of Significance

A threshold in statistical hypothesis testing, determining the probability of rejecting the null hypothesis when it is actually true, often denoted by alpha (α).

Standardized Test

An assessment administered and scored in a consistent, or "standard", manner, often used in education to measure proficiency.

Programs

Sequences of instructions for a computer to execute tasks, also known as software.

Wilcoxon Rank Sum Test

A non-parametric statistical test used to compare two independent samples, determining whether their populations have identical distribution characteristics.