The Importance of an Economic Model Is That It Allows

question 163

Multiple Choice

The importance of an economic model is that it allows us to:

• A)build a complex and accurate model of how the economy should work.
• B)build an accurate mathematical model of every aspect of the economy.
• C)focus on the effects of only one change at a time.
• D)avoid opportunity costs.

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Definitions:

Primary Qualities

The fundamental attributes that an object possesses independently of any observer, such as solidity, extension, motion, and number.

James MacGregor Burns

A political scientist known for his work on leadership and for introducing the concept of transformational leadership.

Transactional Leader

focuses on the exchanges that occur between leaders and their followers, emphasizing the completion of tasks and adherence to organizational policies.

Gandhi

An influential leader and the preeminent figure of the Indian independence movement, known for his philosophy of non-violent resistance.