Which of the Following Is NOT a Common Characteristic of Economic

question 38

Multiple Choice

Which of the following is NOT a common characteristic of economic models?

• A)They are often built using the tools of mathematics.
• B)They are useful to economists, but not to policymakers.
• C)They include only the important features of an economy.
• D)They are built using assumptions.

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Definitions:

Material Handling Costs

Expenses involved in moving, protecting, storing and controlling materials throughout the manufacturing process.

Fixed-Position Layout

A system that addresses the layout requirements of stationary projects.

Job Lots

Groups or batches of parts processed together.

Product Differentiation Strategy

A marketing strategy that businesses use to distinguish their products from those of competitors, typically through unique features, performance, or quality.