Author Question: The use of data in economic models is important because A) the model's predictive value rests on ... (Read 109 times)

anshika · **on:** Jun 29, 2018

The use of data in economic models is important because

A) the model's predictive value rests on supportive evidence from real-world data.
B) the models are always complex in nature.
C) models must analyze every possible angle of the problem.
D) social problems analyzed by economists require long streams of data.

Question 2

If an economy is operating at a point inside the production possibilities curve, then

A) society's resources are being inefficiently utilized.
B) the curve will move to the left.
C) society's resources are being used to produce too many consumer goods.
D) economic policy must implemented to slow growth of the economy further.