Economic Models Differ from Those in the Physical Sciences Because

question 123

Multiple Choice

Economic models differ from those in the physical sciences because

• A)they are usually more difficult than models in the physical sciences.
• B)economics has nothing to do with anything physical.
• C)they are less difficult than those in the physical sciences.
• D)they attempt to explain human behavior.
• E)economics relies on controlled experiments.

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Definitions:

Measure Effectiveness

The assessment of the extent to which a particular process, activity, or task achieves its intended outcome or goal.

Underperforming

Describes a scenario where an individual, team, or organization fails to achieve the expected or required level of performance.

Calibrate

Calibrate means to adjust the precision of an instrument or tool to ensure its accuracy against a known standard.

Indirect Costs

The soft costs whose value can be estimated but not measured easily by financial expenditures.