Economic Models Are

question 53

Multiple Choice

Economic models are:

• A) created and used in order to duplicate virtually every aspect of the real world.
• B) useless if they are simple.
• C) made generally of wood, plastic, and/or metal.
• D) built using assumptions.

Examine the influence of state symbolism and national identity on political cohesiveness and support for the political system.

Assess the contributions of various theoretical perspectives to the understanding of political dynamics and power distribution in society.

Understand the distinctions between different types of democracies and their requirements.

Recognize the influence of social class on political participation and policy preferences.

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Definitions:

Tariffs

Taxes imposed on imported goods to increase their price and protect domestic industries.

Fair Market Value

The price that a property would sell for on the open market, between a willing buyer and a willing seller, each with reasonable knowledge of the pertinent facts.

Protectionism

A government policy aimed at restricting international trade to protect domestic industries from foreign competition by imposing tariffs or quotas on imports.

Outsourcing of Jobs

The practice of hiring external firms or individuals to perform tasks, handle operations or provide services that are either difficult to manage or are outside the company's core competencies.