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liubo4ka [24]
3 years ago
5

An economic model can be defined as___________a. a testable claim which can be evaluated with proper data.b. a representation of

a theory or a part of a theory.c. another word for theory.d. a method to distinguish correlation from causation.e. All of the above are correct.
Business
1 answer:
Radda [10]3 years ago
5 0

Answer:

b. a representation of a theory or a part of a theory

Explanation:

A model is different from theory because is a more applied and empirical representation of a situation while the theory is more abstract. An economic model is a simplified prediction of a complex and real economic behavior, it uses variables to analyze different scenarios, it also uses logical and quantitative relationships between economic processes, is usually mathematical. <em>The results of these models can lead to a new investigation, theorization or to prove theories.</em>

I hope you find this information useful and interesting! Good luck!

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