An Economic Model Is Tested by

question 1

Multiple Choice

An economic model is tested by

• A)examining the realism of its assumptions.
• B)comparing its predictions with the facts.
• C)comparing its complexity to other models that deal with similar issues.
• D)the Testing Committee of the Canadian Economic Association.
• E)comparing its descriptions and examining the realism of its assumptions.

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Definitions:

Senior Management

The highest level of management in an organization comprised of individuals who are responsible for strategic decision-making and its implementation.

Global Public Relations

The practice of managing the spread of information between an organization and the public on a global scale.

Socioeconomic

Relating to or concerned with the interaction of social and economic factors.

Halo Effect

The positive bias shown by customers toward certain products because of a favorable experience with other products made by the same manufacturer.