When an economic model is used, it tends to:

a. start with many details and then become simpler over time.

b. start with very few details in order to simplify the model.

c. include many caveats to ensure that the model is realistic.

d. use a case study approach by focusing on one specific real-life example.

Question

Social Studies

Cheerio

23 March, 00:37

When an economic model is used, it tends to:

a. start with many details and then become simpler over time.

b. start with very few details in order to simplify the model.

c. include many caveats to ensure that the model is realistic.

d. use a case study approach by focusing on one specific real-life example.

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Answers (1)

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Desmond Duffy · Answer 1

c. include many caveats to ensure that the model is realistic.

Explanation:

The economic model is a theoretical explanation that represents the economic process by a set of characteristics and by a set of variables and is a quantitative relationship between them. And is simply define the variable to change the been them and is used in planning and the for casing and the allocation of the economic policy.