An Economic Model Based in Positive Economics Should Be Judged

question 37

Multiple Choice

An economic model based in positive economics should be judged

• A) by the quality and quantity of its underlying assumptions.
• B) by its ability to accurately capture and describe the many complex details of the real economy.
• C) by the accuracy of its predictions rather than by the accuracy of its assumptions.
• D) on its ability to incorporate the idiosyncratic factors that typically characterize human interactions.

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Definitions:

Blame Themselves

The act of holding oneself responsible for a particular outcome or situation.

Accurate Representation

A depiction or description that closely matches the true characteristics or facts of a subject.

Brains

The organ in the head of vertebrates that controls the body's functions and enables it to think, feel, and remember.

Skeptical

Having an attitude of doubt or a disposition to incredulity either in general or toward a particular object.