To Be Useful,an Economic Model Must

question 124

Multiple Choice

To be useful,an economic model must

• A)predict accurately all of the time.
• B)predict more accurately than other models developed to analyse the same phenomena.
• C)explain and predict the behaviour of every individual consumer or business.
• D)only include assumptions that have been verified by empirical testing.

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Definitions:

Railway Labor Act

A United States federal law that aims to substitute bargaining, arbitration, and mediation for strikes in resolving labor disputes in the railway and airline industries.

Government Mediation

A conflict resolution process where a neutral third party facilitated by the government helps disputing parties to find a mutually agreeable solution, often used in labor disputes.

Grievance Disputes

Conflicts arising from alleged violations of workplace rules, contracts, or practices, often resolved through a formal process.

Fair Competition

A principle of marketplace ethics and law that ensures businesses compete on a level playing field, without engaging in deceitful, unfair, or monopolistic practices.