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Which one of the following statements with regard to economic models i

June 1, 2025 by rawan239

Which one of the following statements with regard to economic models is not correct ?

They involve simplification of complex processes.

They represent the whole or a part of a theory.

They can be expressed only through equations.

They help in gaining an insight into cause and effect.

This question was previously asked in

UPSC CDS-2 – 2019

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Statement C is incorrect. Economic models are simplifications of reality used to understand complex economic processes. While they can be expressed through equations (mathematical models), they can also be represented through diagrams (like supply and demand curves), graphs, or even verbal descriptions. Therefore, stating they can be expressed *only* through equations is wrong.

Economic models serve as tools for analysis and prediction, simplifying complex relationships. They are representations of theories, not the theories themselves.

Models help economists isolate specific variables, identify cause-and-effect relationships, and forecast outcomes based on given assumptions. The effectiveness of a model is judged by its predictive power and ability to explain real-world phenomena, not solely by the method of expression.

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