The Objective of an Economic Model Is to

question 42

Multiple Choice

The objective of an economic model is to

• A) be an accurate description of reality
• B) yield better understanding of important relationships
• C) use simplifying assumptions to make positive economic statements
• D) use basic principles of economics to derive fundamental assumptions about human behavior
• E) predict real-world occurrences with complete accuracy

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Definitions:

Self-managed Teams

Groups of employees who are given the authority and responsibility to manage themselves without direct supervision.

Virtual Teams

Work groups that use technology to communicate and collaborate across time, space, and organizational boundaries.

Disjunctive Tasks

Tasks in which group performance is dependent on the performance of the best group member.

Potential Group Performance

Potential group performance refers to the highest level of performance that a group is capable of achieving, assuming optimal conditions and resource utilization.