Economic Models

question 82

Multiple Choice

Economic models:

• A)are of limited use because they cannot be tested empirically
• B)are limited to variables that are positively related to one another
• C)emphasise basic economic relationships by abstracting from the complexities of the real world
• D)are unrealistic and therefore of no practical consequence

---

Definitions:

Cross-Examination

The questioning of a witness in a court of law by the party opposed to the one who produced the witness, aimed at assessing credibility or challenging the testimony.

Plaintiff

The party who initiates a lawsuit seeking legal remedy from the defendant for harm or disputes.

Arbitration

A method of dispute resolution involving a neutral third party who makes a binding decision, outside of the court system.

Legal Precedent

A decision made in a previous legal case that is considered as authority in a subsequent case with similar circumstances.