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Why do economists use models? a
Why do economists use models?
a. Models are used to add complexity to a simple world.
b. Models allow us to study a simplified version of a complex world.
c. Models allow us to control exogenous factors.
d. Models make the world harder to understand.
e. Models allow us to examine more factors than what actually exists in our world.
Expert Solution
The correct option is:
b. Models allow us to study a simplified version of a complex world.
Models in economics are simplified versions of real-world situations. These models help in better observation and understanding of economic behavior. These models reduce the complexities of real-life situations.
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