Economic Theories Are

question 54

Multiple Choice

Economic theories are:

• A) useful because they are as precise as theories in the physical sciences.
• B) useless because they are based on abstractions.
• C) useful because they allow us to make predictions.
• D) complex to understand because they do not make assumptions.
• E) useful in predicting events only if their assumptions are realistic.

---

Definitions:

Performance Targets

Specific goals set for an individual or team to achieve within a set timeframe, used to gauge performance.

Strategic Initiatives

High-level plans or actions aimed at achieving important goals or objectives within an organization's overall strategy.

Lean Principles

Principles associated with the lean enterprise that include reducing inventory, reducing lead time, reducing setup time, product-/customer-oriented layouts, employee involvement, pull scheduling, zero defects, and supply chain management.

Unexpected Downtime

Unplanned or unforeseen interruptions in a system's or facility's operations, leading to temporary cessation of services or production.