Which of the Following Statements Is Correct

question 110

Multiple Choice

Which of the following statements is correct?

• A)Few economic models incorporate assumptions.
• B)Different economic models employ different sets of assumptions.
• C)Good economic models attempt to mimic reality as closely as possible.
• D)Economic models,to be accepted,must be tested by conducting experiments.

Comprehend the importance of a distinctive product or service and its presentation in business documentation.

Grasp the concepts of writing style and tone suitable for business and marketing plans.

Know the various stakeholders and their critical perspectives on business and marketing plans.

Understand the factors influencing the format and detail level of a marketing plan.

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Definitions:

Ultimate

The final or most significant aspect of something, often considered the highest or primary goal.

Lower

Often refers to a position or status that is below another in a hierarchy or scale.

Yerkes-Dodson Law

Law stating that when tasks are simple, a higher level of arousal leads to better performance; when tasks are difficult, lower levels of arousal lead to better performance.

Need for Achievement

A psychological trait that drives individuals to succeed in their goals, often pushing them to overcome challenges and achieve high standards.