Economists Build Models That Abstract from the Complexities of Reality

question 134

Multiple Choice

Economists build models that abstract from the complexities of reality because

• A)it is easier to do so.
• B)they believe they gain a greater understanding of reality.
• C)economists are not interested in reality.
• D)economists do not understand the real world.
• E)the complexities of reality are unimportant.

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Definitions:

Clayton Act

A U.S. antitrust law enacted to prevent anti-competitive practices in their incipiency and to supplement the Sherman Antitrust Act.

Quantitative Substantiality Test

A legal assessment method used to evaluate the significance or amount of material copied in copyright infringement cases.

Tampa Electric Co.

Tampa Electric Company is an energy company providing electricity to the Tampa Bay area and other parts of Florida.

Robinson-Patman Act

A law at the federal level within the United States designed to prevent producers from conducting business in a way that undermines competitive fairness, with a specific focus on prohibiting price discrimination.