What is the best test of an economic model? It has gone unchallenged for decades. It is accepted by both liberals and conservatives. It helps people make decisions more easily. It is useful for both explaining past events and predicting future ones.

Question

What is the best test of an economic model? It has gone unchallenged for decades. It is accepted by both liberals and conservatives. It helps people make decisions more easily. It is useful for both explaining past events and predicting future ones.

Answer 1

The best test of an economic model is that it is useful for both explaining past events and predicting future ones. This means that the model can accurately describe and predict economic phenomena, which is crucial for making informed decisions and formulating effective policies. While the other options may also be important in certain contexts, they do not provide a comprehensive test of an economic model's overall usefulness and accuracy.

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What is the best test of an economic model? It has gone unchallenged for decades. It is accepted by both liberals and conservatives. It helps people make decisions more easily. It is useful for both explaining past events and predicting future ones.

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