Which Is NOT True About the Use of Economic Models

question 251

Multiple Choice

Which is NOT true about the use of economic models?

• A) Economic models are simplified representations of the real world.
• B) Economists sometimes use laboratory experiments to test their theories.
• C) Economists use what has already happened in the real world to test their theories.
• D) Economists are employed to explain economic phenomena but are never used to predict what might happen next.

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Definitions:

Schema

An organized framework for representing knowledge that typically includes characters, plots, and settings and incorporates both general knowledge about the world and information about particular events. See also script and story grammar.

Classical

Often referring to classical conditioning, a learning process that occurs through associations between an environmental stimulus and a naturally occurring stimulus.

Family Resemblance

The concept of how members of a category share certain characteristics, though there may be no single characteristic common to all.

Mental Representation

Internal, mental symbols, concepts or ideas that stand in for objects, actions, or conditions in the external world, facilitating cognitive processes.