An Economic Model Is Useful Only If It

question 38

Multiple Choice

An economic model is useful only if it:

• A) contains no positive statements.
• B) captures all the complexities of reality.
• C) yields accurate predictions.
• D) has both macro- and microeconomic applications.

Recognize the implications of F.O.B. terms in sales contracts on risk of loss and transportation costs.

Distinguish between the different titles to goods and their legal implications.

Understand the role and legal implications of bailees in the distribution of goods.

Comprehend the identification process of goods to a contract under the UCC.

---

Definitions:

Heavy-Duty Mechanic

A professional specialized in repairing, maintaining, and overhauling large machinery and vehicles that require robust engineering.

Job Description

A formal account of an employee's responsibilities, duties, and scope of work within an organization.

Paired Comparison

A technique used in performance appraisals where employees are compared with each other in pairs, to rank individuals in terms of performance.

Classification/Grading

A job evaluation approach where positions are grouped into categories or grades based on similar duties, responsibilities, and qualifications requirements.