which of the following abilities should an economic model possess? a. it should lower the time...
which of the following abilities should an economic model possess?
a. it should lower the time of information collection
b. it should help individuals to discern the information that matters for a problem.
c. it should be able to process both untrue or impossible to verify information as well a correct information in the data set. I select this one and got wrong answer.
d. it should suggest accurate solution for a problem
Homework Answers
Ans. b) it should help individuals to discern the information that matters for a problem.
Economic model should help the individual in collecting the relevant information pertaining to a particular problem so as to ease the process of decision making.
The steps of decision making are :
- Problem identification
- Information Search
- Evaluation of alternatives
- Selection of the best alternative
- Action and follow up
Economic model helps in the process of information search and evaluation of alternatives so as to help in the process of decision making.
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allocation in the former USSR between 1992 and WOLRD WAR II, but
was abandoned in 1946. 3. Although the Soviet Union was a large
country with a large population, it had few natural resources. 4.
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Systems, please refer to the following assignment instructions
below.
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