Which of the following is the last step in the model-building process?
a. Develop a model based on simplified assumptions.
b. Collect data and test the model.
c. Identify the problem.
d. Formulate an assumption.
b
Economics
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The shape of the productivity curve reflects the
A) effects of capital accumulation. B) effects of technological progress. C) change in labor productivity as human capital increases. D) law of diminishing marginal returns. E) effects of population growth.
Economics
A piecework wage compensation may be used if productivity
A) can be related to the supply chain. B) is easy to measure. C) is difficult to observe. D) is backloaded.
Economics