An Appropriate Test of the Effectiveness of an Economic Model

question 312

Multiple Choice

An appropriate test of the effectiveness of an economic model is

• A) the number of variables contained within the model.
• B) the model's ability to predict future economic activity.
• C) the number of economists who have worked on the model.
• D) the number of assumptions which the economist has made.

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Definitions:

Selection Device

A tool or instrument used by organizations to assess and choose candidates based on their qualifications and suitability for a particular job.

Highly Trained Professionals

Individuals who have undergone extensive education and training in their field, possessing specialized knowledge and skills.

Interviewers

Individuals who conduct interviews, typically to assess job candidates, gather information, or for research purposes, requiring skills in questioning and communication.

Personal Biases

The inclination or prejudice for or against one person or group, especially in a way considered to be unfair.