Which of the Following Is NOT an Economic Decision in a Modern

question 69

Multiple Choice

Which of the following is NOT an economic decision in a modern economy?

• A)Who consumes the products produced?
• B)What will be produced?
• C)Where will the products produced be consumed?
• D)How will we produce it?

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Definitions:

Chance Behavior

Unpredictable actions or events that occur without a definitive pattern, often analyzed in probability and statistics.

Computerized Model

A digital simulation or representation of a real-world process, system, or concept designed to study its behavior and make predictions.

Mathematical Modeling

The process of creating a mathematical representation of a real-world situation or system to analyze and predict its behavior.

Lead Time

In purchasing systems, the time between recognition of the need for an order and receiving it; in production systems, it is the order, wait, move, queue, setup, and run times for each component.