Economic models are:A) set up and used to precisely mirror reality.B) useless if they are simple.C) made generally of wood,plastic,and/or metal.D) potentially useful in forming economic policy.

Question

Edwin Gerald Luardo · Accepted Answer

Final Answer : D, Explanation :  Economic models are not a precise reflection of reality, but rather simplified abstractions that capture the key relationships between economic variables. While simple models can be useful, more complex models are often necessary to fully understand economic phenomena. However, regardless of their complexity, economic models can be useful tools for policymakers in formulating and evaluating economic policies.

Economic models are:

A) set up and used to precisely mirror reality.
B) useless if they are simple.
C) made generally of wood,plastic,and/or metal.
D) potentially useful in forming economic policy.

Definitions

Learning Objectives

Learning Objectives

Related questions