Good Economic Models Should

question 114

Multiple Choice

Good economic models should:

• A) attempt to include every detail of the situation being studied.
• B) attempt to describe a situation with perfect accuracy.
• C) not be applied to microeconomics.
• D) describe a real-life situation accurately.

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Definitions:

Extinction

In psychology, the gradual weakening and disappearance of a conditioned response, typically as a result of the conditioned stimulus being presented without reinforcement.

Classical Conditioning

A learning process in which a neutral stimulus comes to elicit a response after being paired with a stimulus that naturally elicits that response.

Acquisition

The process of learning or obtaining something, such as skills, knowledge, or possessions.

Extinction

The process in which a conditioned response gradually diminishes and eventually disappears as the conditioned stimulus is repeatedly presented without the unconditioned stimulus.