Models Are Useful to Economists in Their Analysis Because Models

question 25

Multiple Choice

Models are useful to economists in their analysis because models _____.

• A) use terms and phrases that are particular to economics
• B) are normative in nature
• C) help organize and clarify the thought process behind a problem
• D) incorporate all the complexities of a real-world economy

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Definitions:

Pragmatist Approach

A practical approach to problems and affairs that focuses on the success of the outcomes rather than the adherence to any abstract principles.

Purist Approach

A methodology or philosophy that advocates for maintaining the original or core principles of an ideology, discipline, or practice without incorporating external influences or innovations.

Organizational Culture

The shared values, beliefs, and practices that characterize an organization and influence its members' behaviors and attitudes.

Thick Description

The writing of narrative accounts that provide rich insight into the complex meaning patterns that underlie people’s collective behavior; associated with ethnographic research.