Computer Models of the Economy

question 19

Multiple Choice

Computer models of the economy:

• A) usually consist of only a few equations.
• B) require no assumptions about monetary and fiscal policy.
• C) require assumptions about monetary and fiscal policy.
• D) give excellent predictions regardless of assumptions about monetary and fiscal policy.

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Definitions:

Late Charges

Additional fees charged to a borrower for failing to make payments on time.

Time Of Essence

A contractual clause declaring that specific timelines and deadlines are crucial to the contract, with any delay constituting a breach.

Election Day

A designated day on which voters cast ballots to elect public officials or to decide on other political or legal questions.

Delivery

The process of transferring an item from the seller to the buyer, or the act of fulfilling a contractual obligation or transferring ownership.