A theory is: a. based only on critical factors or variables. b. ...

[nautica902]

A theory is:
 a. based only on critical factors or variables. b. a simplified abstraction of the real world.
  c. a detailed description of reality. d. a and b.

Question 2

A model is defined as a:
 a. description of all variables affecting a situation.
  b. positive analysis of all variables affecting an event.
  c. simplified description of reality to understand and predict an economic event.
  d. prediction based on historical evidence.

[dlook33]

Answer to Question 1

d

Answer to Question 2

c

[nautica902]

Thanks for the timely response, appreciate it

[emsimon14]

Great answer, keep it coming