HLTD04H3 Chapter : HLTB10- Ch 1
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An economic model is
Β | a means of empirically testing an economic theory. |
Β | a generalization about the workings of an abstract economy. |
Β | a commonly held economic insight stated as a law or general assumption. |
Β | a framework that places the generalized insights of a theory in a more specific contextual setting. |
What besides a model do economists need to make policy recommendations?
Β | Economists need to understand the empirical evidence supporting the theory as well as real-world economic institutions to make policy recommendations. |
Β | Economists also need to know the assumptions on which the model is based to make policy recommendations. |
Β | Economists need to understand the empirical evidence supporting the theory to make policy recommendations. |
Β | Economists need to understand the empirical evidence gathered through testing the model. |