Theory in Economics

question 105

Multiple Choice

Theory in economics

• A)involves some simplification of reality
• B)bears no relation to reality
• C)approaches reality in all its complexity
• D)involves so much distortion of reality that it is worthless
• E)focuses on the unique aspects of each situation

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Definitions:

Governing by Statute

The process of ruling or managing an organization, entity, or country based on written laws passed by a legislative body.

Contractual Modifications

Changes or alterations mutually agreed upon by the parties involved in a contract.

Midnight Deadline Rule

A regulation requiring that certain types of contracts be physically delivered to the offeree by midnight of the next day after they are made to be effective.

Uncertified Check

is a check that has not been verified or guaranteed by the bank upon which it is drawn, making its acceptance based on the account holder's standing and available funds.