Question

Which of the following statements correctly describe properties of an economic model? Check all that apply.

A) An economic model requires a complex set of assumptions.
B) An economic theory can be expressed in the form “If X, then Y, all other things held constant.”
C) An economic model requires simplified assumptions.
D) The purpose of an economic model is to depict the real world as accurately as possible.

Answer 1

A) An economic model requires a complex set of assumptions.

D) The purpose of an economic model is to depict the real world as accurately as possible.

Step-by-step explanation:

The following statements that correctly describes properties of an economic model are:

A) An economic model requires a complex set of assumptions.

D) The purpose of an economic model is to depict the real world as accurately as possible.