Just Like Models Constructed in Other Areas of Science,economic Models

question 12

Multiple Choice

Just like models constructed in other areas of science,economic models

• A)incorporate assumptions that contradict reality.
• B)incorporate all details of the real world.
• C)complicate reality.
• D)avoid the use of diagrams and equations.

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Definitions:

Legal Defence

The arguments and evidence presented in court to defend against criminal or civil charges.

Pay Equity Act

Legislation aimed at eliminating gender and other discrimination in the compensation and employment practices.

Comparable Value

A principle aimed at ensuring pay equity, asserting that jobs of equal value to the employer, in terms of skill, effort, responsibility, and working conditions, should receive equal pay, regardless of the job holder's gender.

Bona Fide Occupational Qualification

A BFOQ refers to a job qualification that is essential for the operation of the business and can legally exclude certain individuals from employment.