Match each description with the appropriate term A simplified representation of
ID: 1147225 • Letter: M
Question
Match each description with the appropriate term A simplified representation of the world that captures a particular economic feature Researchers use these to test the validity of a proposed explanation of social or natural phenomena against real-world facts The comparison of two situations that are controlled so only one factor is significantly different. A statistical relationship between two variables The recording of the responses of a decision-maker in a controlled environment economic model natural experiment economic experiment correlation experimentExplanation / Answer
1. ECONOMIC model.
This is a simplified representation of the world that captures a particular economic feature.
2. Experiment.
It is the practical validation of a theory or a research.
3. Economic experiment.
4.Corelation.
This is the statistical relation between variables.
5. NATURAL EXPERIMENT.
response recording in a controlled environment.