Question

Suppose economists develop an economic modelLOADING... and find that​ "it works great in​ theory, but it fails in​ practice." Which of the following should the economists do​ next? A. They should leave the model as is. A model does not need to explain or predict real world events. B. They should retest the current​ model, as there may have been an error in the testing methods the first time. C. They should revise the model in light of its failure to explain or predict real world events. D. None of the above.

Answer 1

Answer:

B. They should retest the current​ model, as there may have been an error in the testing methods the first time.

Explanation:

If in the studies carried out theoretically it is verified that the model works, that means that at the time of testing to confirm the veracity of the investigation there was an error and that is why it does not work in real cases. therefore a feedback should be made to identify where the faults are and correct.

Answer 2

Answer:

B. They should retest the current model, as there may have been an error in the testing methods the first time.

Explanation:

Their data may be wrong or their might be a flaw, this usually means you should reconsider your thinking and try a different way.