QUESTION 2 In _____ decision making, companies have to decide whether they should manufacture a product or outsource its production to another firm. A. make-versus-buy B. voting-based C. two-way D. goal-seek QUESTION 3 The modeling process begins with the framing of the _____ that shows the relationships between the various parts of the problem being modeled. A. mathematical model B. correlation model C. conceptual model D. circular model QUESTION 4 A(n) _____ is a visual representation that shows which entities influence others in a model. A. time series plot B. entity chart C. influence diagram D. decision tree diagram
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So the answer is: $\boxed{\text{A. make-versus-buy}}$ For Question 3, the initial step in the modeling process that shows the relationships between various parts of the problem is called the conceptual model. So the answer is: Show more…
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Q1: In the markets for factors of production in the circular-flow diagram, A) households provide firms with savings for investment. B) firms provide households with revenue. C) firms provide households with goods and services. D) households provide firms with labor, land, and capital. Q2: A model that shows how dollars flow through markets among households and firms is called the A) circular-flow diagram. B) demand and supply diagram. C) production possibilities frontier. D) comparative advantage model. Q3: Refer to Figure 2-16. The opportunity cost of obtaining approximately 10 additional gadgets by moving from point C to point A is A) 10 gadgets. B) 10 gadgets and 30 widgets. C) 0 gadgets. D) 30 widgets.
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