Which of the following statements is true of models? A. Models are always based
ID: 1212451 • Letter: W
Question
Which of the following statements is true of models?
A.
Models are always based on assumptions that are known to be true.
B.
It is more important for a model to be simple and useful than to be precisely accurate.
C.
The predictions of a model are referred to as data.
D.
A model is formulated after developing a hypothesis.
Everything else equal, when domestic currency appreciates against a foreign currency:
A.
the nominal exchange rate goes up.
B.
there is no change in the real exchange rate.
C.
there is no change in the nominal exchange rate.
D.
the nominal exchange rate goes down.
A machinery used in a factory is a(n) ________ good.
A.
public
B.
club
C.
capital
D.
inferior
Explanation / Answer
1)
It is more important for a model to be simple and useful than to be precisely accurate
because if the models are complex they will be diffiult to infer results and make assumption and may be subject to uncertainity
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