A Model That Sometimes Makes Incorrect Predictions May Be Used

question 142

Multiple Choice

A model that sometimes makes incorrect predictions may be used by economic decision makers

• A)under no circumstances
• B)only if its assumptions are detailed and realistic
• C)if it is mathematical and computerized
• D)if it is simple enough for a child to understand
• E)until a better model is developed

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Definitions:

UCC

The Uniform Commercial Code is an extensive collection of regulations that oversee business dealings within the United States.

Oral

Oral pertains to spoken words, in contrast to written or non-verbal communication, often used in contracts or agreements that are not recorded in written form.

Cashier's Checks

A check issued by a bank, drawn on its own funds rather than that of a personal account, and signed by a cashier or teller.

Drawer

In contractual terms, the party that writes or drafts a cheque or bill of exchange.