The Use of Data in Economic Models Is Important Because

question 205

Multiple Choice

The use of data in economic models is important because

• A) the model's predictive value rests on supportive evidence from real-world data.
• B) the models are always complex in nature.
• C) models must analyze every possible angle of the problem.
• D) social problems analyzed by economists require long streams of data.

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Definitions:

Franchising

Franchising is a method of business expansion where a company (franchisor) grants the right to an individual or group (franchisee) to do business using the franchisor's brand and operational model.