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

---

Definitions:

Urban Revitalization

Efforts and initiatives aimed at improving the economic, physical, and social conditions of city areas that have undergone decline.

Gay Populations

Communities or groups comprising individuals who identify as gay, focusing on their social, health, and rights issues.

Housing Prices

The financial cost required to purchase residential properties, which can fluctuate based on location, economic conditions, and demand.

Urban Pioneer

Refers to individuals or families who move into urban neighborhoods that are considered deteriorating or less desirable, often with the aim of renovating properties and revitalizing the area.