The usefulness of a model is determined by whether it yields usable predictions for the real world. O whether it possesses realistic assumptions. O how well it uses the ceteris paribus assumption. O how many of the possible relationships that exist are included in the model.

The usefulness of a model is determined by whether it yields usable predictions for the real world. O whether it possesses realistic assumptions. O how well it uses the ceteris paribus assumption. O how many of the possible relationships that exist are included in the model.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 20CTQ: During the Second World War, Germanys factories were decimated. It also suffered many human...

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Comparative Advantage and Absolute Advantage Analysis

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The usefulness of a model is determined by
whether it yields usable predictions for the real world.
whether it possesses realistic assumptions.
O how well it uses the ceteris paribus assumption.
O how many of the possible relationships that exist are included in the model.

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