Each of the Following Statements About the Use of Models

question 15

Multiple Choice

Each of the following statements about the use of models in the study of economics is true EXCEPT:

• A) models fit the observed facts exactly.
• B) models are sometimes revised in light of new research findings.
• C) models are easier to manipulate than the reality they represent.
• D) models contain the essential features of the economic behavior being studied.

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Definitions:

Grand Tour

A cultural and educational trip traditionally undertaken by young European aristocrats of the 17th and 18th centuries to major European cities to enrich their education.

Pompeo Batoni

An 18th-century Italian painter known for his classical portraits and historical subjects, representative of the Grand Tour artistic patronage.

On-Location Portraits

Photography or portrait painting that takes place in a specific, often meaningful, environment outside of a studio, capturing the subject in a natural or significant setting.

Borda Count

A voting method where voters rank options or candidates and points are assigned based on position in the ranking, with winners determined by total points.