Which of the Following Is TRUE Regarding Simulation

question 63

Multiple Choice

Which of the following is TRUE regarding simulation?

• A) Small problems can be done by hand.
• B) Most simulations are computerized.
• C) Real-world complications can be included in simulation models.
• D) Simulation is most suitable where standard analytical models are too complex.
• E) All of these are true.

---

Definitions:

Output

Refers to the total amount of goods and services produced by an economic system over a specific period.

Short Run

A term used in economics to describe a period during which at least one input, such as plant size, is fixed and cannot be changed by the firm.

Long Run

A period in which all factors of production and costs can be varied, and all market adjustments have been made.

Per Capita GDP Growth

The rate of growth of the Gross Domestic Product (GDP) per person in a specific area, commonly used to indicate economic health and living standards.