@RISK Introduces Uncertainty Explicitly into a Spreadsheet Model by Allowing

question 44

True/False

@RISK introduces uncertainty explicitly into a spreadsheet model by allowing several inputs to have probability distributions and then enabling the simulation of random values from these inputs.

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Definitions:

Property Rights

The legal rights to possess, use, and dispose of assets including real estate, intellectual property, and personal possessions.

Economic System

A particular set of institutional arrangements and a coordinating mechanism for solving the economizing problem; a method of organizing an economy, of which the market system and the command system are the two general types.

Institutional Arrangements

The set of policies, norms, and regulations that shape the behavior of individuals and organizations within a society.

Economizing Problem

The choices necessitated because society’s economic wants for goods and services are unlimited but the resources available to satisfy these wants are limited (scarce).