A Simplifying Assumption

question 43

Multiple Choice

A simplifying assumption

• A) affects the important conclusions of an economic model
• B) increases the level of detail in an economic model
• C) makes an economic model a more concrete representation of reality
• D) eliminates unnecessary details from an economic model
• E) limits the validity of an economic model's conclusions

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Definitions:

Financial Performance

An assessment of how well an organization uses its assets from its primary mode of business and generates revenues.

Managerial Review Tool

A system or process used by managers to evaluate performance, set objectives, or make strategic decisions.

Customer Satisfaction

The measure of how well a company's products or services meet or exceed customer expectations.

Project Management

The utilization of techniques, abilities, expertise, and experience to meet particular project goals according to the project acceptance standards within established boundaries.