A Useful Economic Model

question 59

Multiple Choice

A useful economic model

• A) utilizes only the two most important factors to analyze the problem under consideration.
• B) generates statements that are incapable of refutation.
• C) represents every detail of the real world.
• D) yields usable predictions and implications for the real world.

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Definitions:

Globalization

The process by which businesses or other organizations develop international influence or start operating on an international scale, leading to the increased interconnectedness of the world's economies, cultures, and populations.

Microsoft

An American multinational technology company known for its software products, including the Windows operating system and Office suite, as well as hardware and cloud services.

WTO

The World Trade Organization, an international body that oversees global trade rules among nations, aiming to ensure trade flows as smoothly, predictably, and freely as possible.

Tiananmen Square

The site of a 1989 pro-democracy protest in Beijing, China, which was forcibly suppressed by the government leading to significant loss of life and international condemnation.