Economic Models

question 91

Multiple Choice

Economic models

• A)are people who act out the behavior of firms and households so that economists can study this behavior.
• B)are usually detailed replications of reality.
• C)incorporate simplifying assumptions that often contradict reality,but also help economists better understand reality.
• D)are useful to researchers but not to teachers because economic models omit many details of the real-world economy.

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Definitions:

Procedural Justice

The fairness of the processes that are used to make decisions, often judged by the transparency, consistency, and impartiality of the process.

Volunteering

The act of offering services or contributing time towards a cause or for the benefit of others without expecting monetary compensation.

Procedural Justice

Concerns the fairness and transparency of the processes by which decisions are made, affecting people's perceptions of fairness in organizational and social settings.

Attitudes Of Workers

The mental and emotional states, including views and predispositions, of employees towards their jobs, workplace, and overall work environment.