____, Simply Stated, Says That If All Things Are Equal

question 10

Multiple Choice

____, simply stated, says that if all things are equal, the simplest solution tends to be the best one.

• A) Newton's theory
• B) Einstein's axiom
• C) Pauli's principle
• D) Ockham's razor

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Definitions:

Circular Flow

A model in economics that depicts how goods and services and money move through the economy between households, businesses, government, and foreign sectors.

Value Added

The increase in worth of a product or service as a result of a particular process, calculated by the difference between the sale price and the production cost.

Double Counting

The error of including the same transaction or item more than once in a calculation or analysis, leading to inaccurate results.

Injections

Additional spending entering the economy, typically through government spending, investment, and exports, which stimulates economic activity.