Question

the value of an economic theory in practice is determined by
a) how accurate the assumption are
b) jow well the theory can be represented by graph
c) how well the theory can be predicted or explained
d) how parsimonious the model is​

Answer 1

Answer:

a, how accurate the assumption are

Explanation:

Answer 2

Option c is the correct answer.

The value of an economic theory in practice is determined by how well the theory can be predicted or explained.

1. A theory which is based on commerce or activities of consumption and production is known as economic theory.
2. It explains and predicts the working of the economy, how adverse effects can be avoided and new efficient changes can be introduced in it.