Which of the Following Sequences Best Describes the Five Necessary

question 53

Multiple Choice

Which of the following sequences best describes the five necessary steps to develop an economic model in the correct order?

• A)(1): Identify the endogenous variables;(2): identify the exogenous variables;(3): develop a model;(4): compare the model with the data;(5): conduct prediction and policy analysis.
• B)(1): Develop a model;(2): identify the exogenous variables;(3): identify the endogenous variables;(4): compare the model with the data;(5): conduct prediction and policy analysis.
• C)(1): Conduct prediction and policy analysis;(2): develop a model;(3): identify the endogenous variables;(4): identify the exogenous variables;(5): compare the model with the data.
• D)(1): Conduct prediction and policy analysis;(2): compare the model with the data;(3):identify the endogenous variables;(4): identify the exogenous variables;(5): develop a model.
• E)none of the above

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Definitions:

Automatically

Something happening or occurring by itself, without manual intervention or external control.

Common Law

A body of unwritten laws based on legal precedents established by the courts, contrasting with statutory law.

Doctrine of Substantial Performance

A legal principle that allows a contracting party to enforce the contract even if there are minor breaches, provided substantial performance of the contract has been achieved.

Perfect Tender Rule

A principle in the Uniform Commercial Code allowing a buyer to demand a full compliance with the contract terms for goods.