Using a Simulation Model to Gather a Year of Operating

question 21

Multiple Choice

Using a simulation model to gather a year of operating data in a few minutes is known as:

• A) historical search data collection.
• B) Monte Carlo optimization.
• C) sub-optimization.
• D) time compression.

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Definitions:

Median-Voter Model

A theory that suggests the outcome of a majority vote is likely to represent the preferences of the voter who is in the median position.

Political Office Seeker

An individual actively pursuing or intending to pursue election to a political position within government.

Government Spending

The total amount of money spent by the government on various sectors including education, defense, infrastructure, and health services.

Externality Problems

Situations where the actions of individuals or businesses have effects on third parties that are not accounted for in the market price.