An Economic Model Includes

question 130

Multiple Choice

An economic model includes

• A)only normative statements.
• B)only details considered essential.
• C)both normative and positive statements.
• D)all known details in order to increase its accuracy.

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Definitions:

Absolute Consistency

The unwavering adherence to the same principles, measures, or methods across different situations or over time.

Relative Consistency

The degree to which an individual's behavior in a specific trait remains stable across different situations and over time.

Party

A social gathering of invited guests, typically involving eating, drinking, and entertainment.

Department of Motor Vehicles

A state-level government agency that administers vehicle registration and driver licensing.