{"id":86004,"date":"2025-06-01T03:34:20","date_gmt":"2025-06-01T03:34:20","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=86004"},"modified":"2025-06-01T03:34:20","modified_gmt":"2025-06-01T03:34:20","slug":"which-one-of-the-following-statements-with-regard-to-economic-models-i","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/which-one-of-the-following-statements-with-regard-to-economic-models-i\/","title":{"rendered":"Which one of the following statements with regard to economic models i"},"content":{"rendered":"

Which one of the following statements with regard to economic models is not correct ?<\/p>\n

[amp_mcq option1=”They involve simplification of complex processes.” option2=”They represent the whole or a part of a theory.” option3=”They can be expressed only through equations.” option4=”They help in gaining an insight into cause and effect.” correct=”option3″]<\/p>\n

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This question was previously asked in<\/div>\n
UPSC CDS-2 – 2019<\/div>\n<\/div>\n
Download PDF<\/a>Attempt Online<\/a><\/div>\n<\/div>\n
\nStatement 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.
\n<\/section>\n
\nEconomic models serve as tools for analysis and prediction, simplifying complex relationships. They are representations of theories, not the theories themselves.
\n<\/section>\n
\nModels 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.
\n<\/section>\n","protected":false},"excerpt":{"rendered":"

Which one of the following statements with regard to economic models is not correct ? [amp_mcq option1=”They involve simplification of complex processes.” option2=”They represent the whole or a part of a theory.” option3=”They can be expressed only through equations.” option4=”They help in gaining an insight into cause and effect.” correct=”option3″] This question was previously asked … <\/p>\n

Detailed SolutionWhich one of the following statements with regard to economic models i<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1088],"tags":[1119,1120,1261],"class_list":["post-86004","post","type-post","status-publish","format-standard","hentry","category-upsc-cds-2","tag-1119","tag-economic-development","tag-nature-of-indian-economy","no-featured-image-padding"],"yoast_head":"\nWhich one of the following statements with regard to economic models i<\/title>\n<meta name=\"description\" content=\"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.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/which-one-of-the-following-statements-with-regard-to-economic-models-i\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Which one of the following statements with regard to economic models i\" \/>\n<meta property=\"og:description\" content=\"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. 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