An Economic Model Is

question 164

Multiple Choice

An economic model is

• A) a generalisation that summarises all the normative assumptions we make about a particular issue.
• B) a statement that describes how the world should be.
• C) a description of some aspect of the economic world that includes only those features of the world that are needed for the purpose at hand.
• D) a collection of facts that describe the real world.

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Definitions:

High-Achieving

Relating to individuals or groups that consistently exceed standard expectations or goals.

Multi-Tasker

An individual capable of handling multiple tasks simultaneously with efficiency.

Authoritarianism

A political system in which a single authority or group holds power, often with little regard for public opinion or individual rights.

Authoritarian Personality

A personality type characterized by strict adherence to authority, rigid beliefs, and hostility toward outgroups.