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Earthgirl225 Earthgirl225
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Economists at the Department of Finance in Ottawa employ an economic model that predicts the effects of an increase in the GST. After implementation of the change, suppose researchers find that the empirical data is in conflict with the model's prediction. They are likely to

▸ modify the model in light of this newly acquired empirical knowledge.

▸ modify the prediction in light of the new evidence.

▸ modify the data to suit the definitions and assumptions.

▸ ignore the empirical evidence and continue using the model.

▸ reject the empirical data as faulty because it did not support the theory.
Textbook 

Microeconomics


Edition: 17th
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bknyc123bknyc123
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More questions for this book are available here
modify the model in light of this newly acquired empirical knowledge.

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