Factors in a Decision Problem That Cannot Be Expressed in Numerical

question 62

Multiple Choice

Factors in a decision problem that cannot be expressed in numerical terms are:

• A) qualitative in nature.
• B) quantitative in nature.
• C) predictive in nature.
• D) sensitive in nature.
• E) uncertain in nature.

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Definitions:

Analyze

To examine something methodically and in detail, typically for purposes of explanation and interpretation.

Economic Models

Simplified representations of complex economic processes or systems used to analyze economic activities and predict outcomes.

Details

Specific pieces of information or characteristics about something.

Scientific Method

A systematic and logical approach to discovering how things in the universe work, involving observation, experimentation, and hypothesis testing.