Economic models are often based on assumptions because they: A) help
Economic models are often based on assumptions because they:
A) help simplify complex real-world phenomena.
B) help explain the past.
C) help test models even when relevant data are unavailable.
D) help predict the future with higher accuracy.
A model is based on an assumption that an additional year of education increases a student’s future wage by 20%.
ANSWER
A
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