The Principle That Irrelevant Detail Should Not Be Included in a Model

question 51

Multiple Choice

The principle that irrelevant detail should not be included in a model is known as

• A) a fallacy.
• B) ceteris paribus.
• C) Ockham's razor.
• D) normative economics.

Explain the functions of religion as outlined by Emile Durkheim.

Understand concepts of monotheism and polytheism, including their deities' conceptualization.

Understand the concept of diminishing returns and its impact on cost curves.

Identify and interpret different cost curves, including average total cost, average variable cost, average fixed cost, and marginal cost.

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Definitions:

Green-circle Rate

A situation in wage-setting where an employee's pay is below the minimum of the range set for their job class, often due to an anomaly or an exception in the salary structure.

Rank-and-file Adjustment

Changes or modifications made to the conditions or ranks of the general workforce, not the leadership or management.

Uniformed Services Employment and Reemployment Rights Act

A federal law that provides job protection and rights for military service members upon their return to civilian employment.

Fair Labor Standards Act

A United States law that creates the right to a minimum wage, and "time-and-a-half" overtime pay when people work over forty hours a week, among other protections for workers.