Economic models serve as tools for analysis and prediction, simplifying complex relationships. They are representations of theories, not the theories themselves.
Which one of the following statements with regard to economic models is not correct ?
Asked in UPSC CDS 2 2019 · Topic: Nature of Indian Economy (Evolution from Planned to Market-Oriented Economy)
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Answer: C. They can be expressed only through equations.
More Economic Development questions
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- Consider the following statements : 1. Privatisation of public sector units occurs when government sells 5% of its shares. 2. Abid Hussain Committee recommended the abolition of reservation of items of small scale sector in industry. Which of the following statements given above is/are correct?
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- When was the process of economic reforms started in India?
- Economic crisis of 1991 was characterised by a. Reduced foreign exchange reserves b. Rolling over of Indian foreign debt by international creditors c. Increase in fiscal deficit d. Sale of gold from reserves
- Since July 1991, comprehensive liberalization measures have been undertaken to improve the supply side of the economy. Among these the more important are : Trade and capital flows reforms 1. Industrial deregulation 2. Disinvestment and Public Enterprises Re‐ 3. forms Financial sector reforms 4.
- Which of the following is true about the 'Hindu Growth Rate' in India ?
- The LPG model of development was introduced in _______ by the Finance Minister
