Which of the Following Is True of Economic Models

question 15

Multiple Choice

Which of the following is true of economic models?

• A) Models are too theoretical to be applicable in real world decisions.
• B) Models are not useful because uncertainty prevents accurate forecasts.
• C) Models are simplified descriptions of processes, relationships, or other phenomena.
• D) Models describe real world situations in complete detail.
• E) Models are not useful because they do not take into account complicating and less important features of a problem.

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Definitions:

Wider Spans Of Control

A management principle whereby a manager supervises a larger number of subordinates, which can lead to more autonomy but also requires more efficient communication.

Effective Delegation

The skill of assigning tasks and authority to subordinates in a way that maximizes efficiency, development, and empowerment.

Empowerment Of Workers

The practice of giving employees more autonomy, authority, and control over their work and decision-making processes, fostering job satisfaction and productivity.

Job Satisfaction

The degree of contentment or happiness that an individual has with their job, often influenced by factors such as work environment, tasks, and compensation.