An Economist at the University of Alaska at Anchorage Has

question 230

Multiple Choice

An economist at the University of Alaska at Anchorage has been asked to explain why the price of Alaskan crude oil has fallen recently. In order to develop a model, the professor should take which steps?

• A) Identify the problem, develop a model based on simplifying assumptions and test the model to formulate a conclusion.
• B) Gather data on crude oil prices and seemingly unrelated variables in order to look for associations, then formulate a hypothesis based on those unexpected associations.
• C) Ask people in Alaska why they are not purchasing oil.
• D) None of the above. The oil industry is controlled by a cartel; therefore price changes in the industry cannot be explained using economic theories.

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Definitions:

Leadership Outcomes

The results or impacts of leadership actions and decisions, which can include team performance, satisfaction, and the achievement of organizational goals.

Katz

This term refers to Robert Katz, renowned for proposing a three-skill approach necessary for effective management and leadership: technical, human, and conceptual skills.

Individual Attributes Factor

Personal characteristics or traits of an individual that can affect behavior, perceptions, and interactions in various contexts.

Skills Model

A leadership model that focuses on the capabilities, knowledge, and skills that make an effective leader, suggesting that leadership is developed through learning and experience.