Onomic models

a. are constructed to mirror reality as closely as possible, and in this respect economic models are no different from other scientific models.

b. are constructed to mirror reality as closely as possible, and in this respect economic models are very different from other scientific models.

c. are simplifications of reality, and in this respect economic models are no different from other scientific models.

Question

Cutie

Physics

29 September, 07:21

Onomic models

a. are constructed to mirror reality as closely as possible, and in this respect economic models are no different from other scientific models.

b. are constructed to mirror reality as closely as possible, and in this respect economic models are very different from other scientific models.

c. are simplifications of reality, and in this respect economic models are no different from other scientific models.

+5

Answers (1)

Know the Answer?

Bennett Parrish · Answer 1

Answer: Economic models are simplifications of reality, and in this respect economic models are no different from other scientific models.

These are abstract idea corresponding to processes set in an economy, these are usually denoted by variables and quantitative relationships between them. These are a simplified, often numerical, hypothesis studied to elaborate convoluted processes.

Therefore the correct option is (c)