Economic Models

question 66

Multiple Choice

Economic models

• A)are not complicated because the behavior they describe is not complicated.
• B)require either algebra or graphs.
• C)are complicated because human behavior is complicated.
• D)are simplifications of the phenomena they attempt to explain.
• E)need to be the same as the phenomena they describe.

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Definitions:

External Attribution

The process of attributing the cause of one's own or others' behavior to external factors or the situation rather than to internal characteristics.

Explanation

The process of making something clear or understandable by describing the relevant facts or ideas.

Surrounding Situation

The environmental and contextual factors that are currently present around an individual and can influence their behavior or actions.

Social Security

A government program designed to provide financial assistance and support to people with insufficient or no income, especially the elderly, disabled, and unemployed.