An Economic Model

question 62

Multiple Choice

An economic model

• A)omits critical elements
• B)must be presented in mathematical terms
• C)simplifies reality in order to focus on its essential elements
• D)can never be proven wrong if its assumptions are realistic
• E)produces poor predictions if it includes an unrealistic assumption

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Definitions:

Kohlberg

Refers to Lawrence Kohlberg, who proposed a theory of moral development in individuals, typically described in three levels of moral thinking: pre-conventional, conventional, and post-conventional.

Autonomous Moral Principles

Moral reasoning based on personal principles and values, indicative of the highest stage in Kohlberg's theory of moral development.

Conventional Role

A social role that conforms to traditional expectations and norms within a society or social group.

Organizing Experience

The process of structuring or arranging events and experiences in a coherent and meaningful framework in one's mind.