Economists Make Assumptions to

question 260

Multiple Choice

Economists make assumptions to

• A)minimize the number of experiments that yield no useful data.
• B)develop models when the scientific method cannot be used.
• C)provide issues for political discussion.
• D)simplify the complex world and make it easier to understand.

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Definitions:

Past Performance

This term refers to the historical results or achievements of an individual or organization, often used as an indicator for future success.

CEO

Chief Executive Officer, the highest-ranking person in a company or organization, responsible for overall management.

Sales Budget

One of the major elements of the income statement budget that indicates the quantity of estimated sales and the expected unit selling price.

Production Budget

A budget of estimated units to be manufactured to meet budgeted sales and desired inventory levels.