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Which of the following is true of simulated juries?
Economic Models
Theoretical constructs that represent economic processes by a set of variables and a set of logical and/or quantitative relationships between them.
Policies
Guidelines or principles adopted by an organization, government, or individual to guide decision-making and achieve desired outcomes.
Positive Economics
The branch of economic analysis that describes the way the economy actually works.
Production Possibility Frontier
A visual map outlying the highest possible production levels for two goods, considering a defined compilation of resources and other relevant factors.
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