Which of the following statements about economic models is correct? a. Economic models are built to mirror reality exactly. b. Economic models are useful, but they should not be used for the purpose of improving public policies. c. Because economic models omit many details, they allow us to see what is truly important. d. Economic models seldom incorporate equations or diagrams.

Question

Jovani Kim

Business

25 October, 00:49

Which of the following statements about economic models is correct? a. Economic models are built to mirror reality exactly. b. Economic models are useful, but they should not be used for the purpose of improving public policies. c. Because economic models omit many details, they allow us to see what is truly important. d. Economic models seldom incorporate equations or diagrams.

+4

Answers (1)

Know the Answer?

Siena Meyers · Answer 1

c. Because economic models omit many details, they allow us to see what is truly important.

Explanation:

An economic model is a theoretical construct that represents economic processes and by a set of variable and has a sets of quantitative interrelations. Also this model is assimilated as a form of a mathematical variable and is designed to show the called processes and selects the data based on the paradigm of the economic study.