Special-Purpose Simulation Software Is Specially Built to Run Specific Applications

question 61

True/False

Special-purpose simulation software is specially built to run specific applications and may have provisions in manufacturing models to allow for specifying the number of workcenters, their descriptions, arrival rates, and even batch sizes.

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Definitions:

Central Bank

An institution that manages a country's currency, money supply, and interest rates, and oversees the commercial banking system.

Open Market Purchases

Transactions by a central bank in which it buys securities from the market to increase the money supply and encourage economic activity.

Open Market Sales

The selling of government bonds and securities in the open market to control the money supply and influence interest rates.

Relative Price

The price of one good or service compared to the price of another, essentially showing the trade-off between the two items.