Which of the Following Is Assumed in Virtually Every Economic

question 41

Multiple Choice

Which of the following is assumed in virtually every economic model?

• A) Inefficiency exists in the economy.
• B) Decision makers operate in the face of unlimited resources.
• C) All decision makers face constraints.
• D) Normative economic statements are derived from mathematical equations.
• E) Positive statements are derived from normative statements.

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Definitions:

Business Integration

The process of combining different aspects of organizations, such as systems, processes, and functions, to operate more efficiently and effectively.

Geographic Regions

Specific areas defined by natural or artificial borders characterized by certain geographical features, climatic conditions, cultures, or political boundaries.

Integration

The process of combining or coordinating separate elements or units into a unified whole.

Coordination

The process of organizing activities and resources efficiently to achieve specific goals and objectives.