A Theory Is an Abstraction Used Often by Economists to

question 16

Multiple Choice

A theory is an abstraction used often by economists to

• A)describe a problem.
• B)keep all assumptions in their proper places.
• C)explain why things work the way they do.
• D)describe a hierarchical ordering of facts.
• E)arrange variables into a graphical format.

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Definitions:

Global Context

The consideration of the larger international or worldwide environment in decisions, strategies, and operations.

Ethical Standards

Principles that guide conduct and decision making based on notions of right and wrong.

Justice Issues

Concerns or disputes arising over what is morally right or fair, often relating to the equitable distribution of resources or treatment of individuals.

Instrumental Values

Basic convictions about modes of conduct and desirable end-states that act as guiding principles in one's life.