Which of the Following Correctly Explains a Probabilistic Model

question 11

Multiple Choice

Which of the following correctly explains a probabilistic model?

• A) A probabilistic model gives a description of real world economic phenomena.
• B) A probabilistic model shows the possibility of a range of outcomes.
• C) A probabilistic model examines the changes in economic variables over a period of time.
• D) A probabilistic model is based on value judgments.
• E) A probabilistic model is used to explain long-run economic phenomena

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Definitions:

Satisfaction Of The Buyer

The fulfillment and acceptance of all specified requirements by the buyer in a transaction.

Subjective Standard

A criterion for judgment that varies based on individual perceptions, feelings, or opinions, rather than objective external factors.

Objective Impossibility

A situation where the fulfillment of a contract is literally impossible due to circumstances beyond the control of the involved parties.

Subjective Impossibility

A situation where a party to a contract feels personally unable to perform their obligations, but the performance may still be possible by someone else.