Economic Models Are Built with

question 157

Multiple Choice

Economic models are built with

• A)recommendations concerning public policies.
• B)facts about the legal system.
• C)assumptions.
• D)statistical forecasts.

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Definitions:

Fixed Assets

Long-term tangible assets held for business use and not expected to be converted to cash in the short-term.

Operating Costs

Expenses associated with the ongoing operations of a business, such as wages, rent, and utilities, excluding costs linked to producing goods.

Computer System

An integrated set of hardware and software designed to process, manage, and store data.

Capital Cost Allowance (CCA)

A tax deduction in Canada that represents a business’s investment in depreciable property.