The Process in Which a Model Is Run Many Times

question 27

Multiple Choice

The process in which a model is run many times with different combinations of low and high values of each experimental parameter to help account for uncertainty in parameter values is called

• A) sensitivity analysis.
• B) iterative digression.
• C) risk assessment.
• D) scenario building.
• E) modeling.

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Definitions:

Leisure

Time spent away from work and essential daily tasks, used for relaxation, hobbies, and personal enjoyment.

Consumption

The act of using goods and services to satisfy needs and wants, including the purchase and use of commodities by individuals and households.

Nonlabor Income

Nonlabor income refers to earnings derived from sources other than direct employment or work, such as investments, retirement pensions, or inheritance.

Quinces

A type of fruit resembling a pear that is bright yellow when mature and is often used in cooking and baking.