Multiple Choice
Which of the following correctly describes a deterministic economic model?
A) A deterministic model is a model for which the outcome is predicted with certainty.
B) A deterministic model can only be used to explain short-run economic phenomena.
C) A deterministic model is most useful in identifying long-term trends.
D) A deterministic model is used in the study of normative economics.
E) The outcome of a deterministic model is random and has probabilities attached.
Correct Answer:
Verified
Correct Answer:
Verified
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