Question

Economists use models A. to disprove economic data. B. to answer questions and analyze issues. C. to prove that theories are true. D. to describe the real world exactly. Economic data is used A. to prove that a model is true. B. to take the place of an economic model. C. to test models. D. only if all relevant data is available.

Answer 1

B) economic models is used to answer question and analyse issues

C) economic data is used to test for models

Step-by-step explanation:

Economic models are used to answer question an analyze issues.

Economic data is used to test for models.

Economic model is used to simplify, abstract and observe data. It can also be used for data selection.

The economic model is mathematical framework which is designed to illustrate that complex economic models possess various exogenous variables. A change in a variable changes the responses created by economic variables.

Economic data can be defined as a collection past and present information on various important aspects of a country's economy. It can be used to predict the economic behavior of a country in the future.

Economic data helps to reveal the true picture of an economy's condition. It can also be used to determine the success or failure of a fiscal or monetary policy adopted by the government of a country.