Practice Quiz

CLEP Social Sciences

Category - Social Sciences

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To illustrate an economic model such as the one predicting real GDPs, the following are used exept:
  1. Graphs
  2. Tables
  3. Equations
  4. Case studies
Explanation
Answer - D - Case studies are not used to illustrate an economic model.

Key Takeaway: Economic models are often constructed to explain current economic activities, such as production and manufacturing outputs. They are also constructed to predict future economic functioning, such as predicted economic growth or a rate of decline using current and past data. A number of tools are used to illustrate these models such as graphs, tables of values, and mathematical equations.
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