Einstein Was Quoted Saying "Everything Should Be Made as Simple

question 8

Multiple Choice

Einstein was quoted saying "Everything should be made as simple as possible,but not simpler." When it comes to economic models this means that

• A) models shouldn't be too complex.
• B) models shouldn't be too simple.
• C) models should have a level of abstraction appropriate to the topic investigated.
• D) All of the above.

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Definitions:

Conventional Level

A stage in moral development proposed by Lawrence Kohlberg, where an individual's sense of morality is tied to personal and societal relationships, and compliance with laws and norms.

Terminal Values

Fundamental goals or end-states that individuals strive to achieve in their lives, guiding their actions and judgments.

Instrumental Values

Values that influence the means to achieving an end, such as ambition and efficiency, guiding how we achieve our goals.

SMART Goals

Goals that are Specific, Measurable, Achievable, Relevant, and Time-bound, providing clear direction and facilitating goal attainment.