Econometric Models Can Also Be Called _____ Models

question 21

Multiple Choice

Econometric models can also be called _____ models.

• A)judgmental
• B)time series
• C)causal
• D)environmetric

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Definitions:

Minimize Cost

The process of finding the most efficient level of production, where the combination of inputs results in the lowest possible cost.

Unit of Output

The basic measure of productivity or product which is generated by a production process, operation, or project.

Competitive Market Economy

A system where market forces govern the production, distribution, and pricing of goods and services, featuring many buyers and sellers and free entry and exit from the market.

Least-Cost

A principle or method of minimizing the costs of production or operation while achieving the desired output or quality.