An economic model is useful only if it Group of answer choi.pdf
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An economic model is valuable if it generates accurate predictions and is applicable in both macroeconomic and microeconomic contexts. Abstraction in an economic model involves focusing on a limited number of essential aspects of reality rather than the entirety of it.
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An economic model is useful only if it Group of answer choi.pdf
- 1. An economic model is useful only if it: Group of answer choices yields accurate predictions. has both macro- and microeconomic applications. 10. To abstract from reality in an economic model means that: *a. we include only a few of the essential aspects of reality. b. the economic study surveys only a very limited period of time. c. we include only those elements which support our hypothesis. d. the model includes