Which of the following statements about models is correct?

Question

a. Models cannot be used to explain how the economy functions.
b. Models assume away irrelevant details.
c. The more details a model includes, the better the model.
d. Models cannot be used to make predictions.

Answer 1

The correct statement about models is:

b. Models assume away irrelevant details.

This statement reflects the purpose of models in simplifying complex systems, allowing for a clearer understanding of the essential elements and relationships without being overwhelmed by extraneous information.

The other statements are incorrect:

• a. Models can, in fact, be used to explain how the economy functions.
• c. More details in a model do not necessarily make it better; overly complex models can become unwieldy and difficult to interpret.
• d. Models can be used to make predictions, which is one of their key purposes.