This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: If a model fits reality but doesn't generate testable predictions, it is of little value to ... (Read 39 times)

bcretired

  • Hero Member
  • *****
  • Posts: 525
on: Jul 1, 2018
If a model fits reality but doesn't generate testable predictions, it is of little value to economists.
 
  Indicate whether the statement is true or false

Question 2

Normative analysis offers decision makers the most valuable information when choosing among alternatives.
 
  Indicate whether the statement is true or false


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

smrtceo

  • Sr. Member
  • ****
  • Posts: 344
Reply #1 on: Jul 1, 2018
Answer to Question 1

True
If the model doesn't deliver testable predictions it cannot be tested against competing models.

Answer to Question 2

False. Normative analysis states subjective goals but not how those goals can be achieved. To choose among alternatives decision maker uses positive analysis.


bcretired

  • Hero Member
  • *****
  • Posts: 525
Reply #2 on: Jul 1, 2018
Correct answers!


smrtceo

  • Sr. Member
  • ****
  • Posts: 344
Reply #3 on: Jul 1, 2018
Great! Please up vote :D


« previous next »
 

Did you know?

The first-known contraceptive was crocodile dung, used in Egypt in 2000 BC. Condoms were also reportedly used, made of animal bladders or intestines.

Did you know?

Once thought to have neurofibromatosis, Joseph Merrick (also known as "the elephant man") is now, in retrospect, thought by clinical experts to have had Proteus syndrome. This endocrine disease causes continued and abnormal growth of the bones, muscles, skin, and so on and can become completely debilitating with severe deformities occurring anywhere on the body.

Did you know?

Earwax has antimicrobial properties that reduce the viability of bacteria and fungus in the human ear.

Did you know?

A recent study has found that following a diet rich in berries may slow down the aging process of the brain. This diet apparently helps to keep dopamine levels much higher than are seen in normal individuals who do not eat berries as a regular part of their diet as they enter their later years.

Did you know?

The average older adult in the United States takes five prescription drugs per day. Half of these drugs contain a sedative. Alcohol should therefore be avoided by most senior citizens because of the dangerous interactions between alcohol and sedatives.

A molecular model showing chromosome territories in the cell nucleus of humans A molecular model showing chromosome territories in the cell nucleus of humans
Eye Model Eye Model
Lung Model Lung Model
Basbaum and Fields’s (1978) model of the descending analgesia circuit. Basbaum and Fields’s (1978) model of the descending analgesia circuit.
A model for the RuvA-RuvB-Holliday junction structure A model for the RuvA-RuvB-Holliday junction structure
Denney's model ON actual level of performance on exercised and unexercised abilities Denney's model ON actual level of performance on exercised and unexercised abilities
Video: Cardiac Cycle (Part 2 of 4)

For a complete list of videos, visit our video library