The Dictum ____ Says That the Results You Get Out

question 7

Multiple Choice

The dictum ____ says that the results you get out of a simulation model are only as good as the data and the assumptions put into the model.

• A)garbage in, garbage out
• B)first in, first out
• C)last in, last out
• D)first in, last out

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Definitions:

Mixed Economies

A system combining elements of both capitalism and socialism, where both private enterprise and government play important roles in the economy.

Market Processes

The dynamic and complex interactions between buyers and sellers in a marketplace, including the mechanisms through which prices are set and resources are allocated.

Social Interest

The collective well-being and interests of the community or society as a whole, often used as a consideration in economic and political policies.

Public Good

A commodity or service that is provided without profit to all members of a society, either by the government or a private individual or organization.