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A multiple choice question, with days of the week as potential answers. Multiple choice (MC), [1] objective response or MCQ (for multiple choice question) is a form of an objective assessment in which respondents are asked to select only the correct answer from the choices offered as a list.
An economic model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical, framework designed to illustrate complex processes.
The choice set is the set of alternatives that are available to the person. For a discrete choice model, the choice set must meet three requirements: The set of alternatives must be collectively exhaustive, meaning that the set includes all possible alternatives. This requirement implies that the person necessarily does choose an alternative ...
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
An Edgeworth box with multiple equilibria Fig. 11. An Edgeworth box with multiple equilibria (detail) An Edgeworth box with multiple equilibria (detail) It might be supposed from economic considerations that if a shared tangent exists through a given endowment, and if the indifference curves are not pathological in their shape, then the point ...
[1] [2] [3] Microeconomics focuses on the study of individual markets, sectors, or industries as opposed to the economy as a whole, which is studied in macroeconomics. One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses. [ 4 ]
In the multi-label problem the labels are nonexclusive and there is no constraint on how many of the classes the instance can be assigned to. The formulation of multi-label learning was first introduced by Shen et al. in the context of Semantic Scene Classification, [1] [2] and later gained popularity across various areas of machine learning.