Which of the following statements is true?
A) Theories are statistics that describe the real world.
B) Hypotheses are predictions that can be tested with data.
C) Data are facts established by observation and measurement.
D) Empirical evidences are facts, measurements, or statistics that describe the world.
12) Which of the following statements is true of models?
A) The predictions of a model are referred to as data.
B) A model is formulated after developing a hypothesis.
C) Models are always based on assumptions that are known to be true.
D) It is more important for a model to be simple and useful than to be precisely accurate.
13) A model:
A) is often based on simplifying assumptions that are not necessarily true.
B) can be tested without data or statistics.
C) is a more complex representation of reality than a theory.
D) can never be used to predict the future but helps explain the past.
14) A model's predictions are referred to as:
D) empirical evidences.
15) Which of the following statements correctly differentiates between a model and a hypothesis?
A) Testing a hypothesis does not require data, whereas testing a model requires data.
B) Testing a model requires data, whereas testing a hypothesis does not require data.
C) A hypothesis can be used to make predictions for the future, whereas a model can only explain the past.
D) A model is a simplified representation of reality, whereas a hypothesis is a model's predictions.
16) Economic models are often based on assumptions because they:
A) help explain the past.
B) help simplify complex real-world phenomena.
C) help predict the future with higher accuracy.
D) help test models even when relevant data is unavailable.
17) Refer to the scenario above. The hypothesis of the model is that:
A) college graduates will earn 80 percent more than high school graduates.
B) college graduates will earn 107 percent more than high school graduates.
C) college graduates will earn 200 percent more than high school graduates.
D) college graduates will earn 275 percent more than high school graduates.
18) Refer to the scenario above. Which of the following statements is true of the model?
A) The predictions of this model cannot be tested empirically.
B) The prediction of the model is accurate and will hold for all individuals.
C) The prediction of this model can be applied to unlimited years of additional education.
D) The model predicts that two additional years of education is likely to increase future earnings by 60 percent.
19) Refer to the scenario above. Which of the followings statements is true of the model?
A) The predictions of this model can be verified empirically.
B) The predictions of this model can only be applied for a limited number of years of additional education.
C) According to the model two additional years of education will increase an individual's future wages 1.20 times.
D) According to the model two additional years of education will increase an individual's future wages 2.98 times.
20) Refer to the scenario above. Which of the following statements is true about the model's prediction?
A) The prediction cannot be verified empirically.
B) The prediction is precise, exact and accurate for the entire population.
C) The prediction is an approximate relationship and may not hold for everyone.
D) The prediction can be applied to estimate the returns only for a limited number of years of additional education.
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