Economic Models, Such as the Circular-Flow Model

question 152

Multiple Choice

Economic models, such as the circular-flow model:

• A) distort reality in order to improve forecasting ability.
• B) predict phenomena without explaining them.
• C) explain phenomena without predicting them.
• D) include every detail and interrelation among variables that are being analyzed.
• E) capture the important elements of the problem under study.

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Definitions:

Machiavellianism

A personality trait centered around strategic manipulation and exploitation, emotional coldness, and indifference to morality for personal gain.

Good Team Player

A person who effectively collaborates, communicates, and harmonizes with others in a team, contributing positively to the team's objectives and dynamics.

Co-opting Antagonists

A strategy of winning over or neutralizing opposition by involving them in the decision-making process or by giving them a stake in the outcome.

Making part of Team

The process of integrating and contributing effectively to a group working towards a common goal or objective.