An Economic Model Is

question 185

Multiple Choice

An economic model is

• A) a generalization that summarizes all the normative assumptions we make about a particular issue.
• B) a description of some aspect of the economic world that includes only those features of the world that are needed for the purpose at hand.
• C) a statement that describes how the world should be.
• D) a collection of facts that describe the real world.

---

Definitions:

Ross's

Refers to W.D. Ross's ethical theory, which emphasizes prima facie duties such as fidelity, reparation, and justice as a basis for moral obligations.

Rawls's

Pertaining to the ideas or theories of John Rawls, a philosopher known for his work on justice and political liberalism.

Nussbaum's

Pertains to the philosophical ideas of Martha Nussbaum, especially her work on capabilities and human development.

Greatest Happiness Principle

The ethical principle that actions are right in proportion as they tend to promote happiness, wrong as they tend to produce the reverse of happiness, core to Utilitarian philosophy.