In Construct Validation

question 21

Multiple Choice

In construct validation,

• A)a single variable can serve as the criterion.
• B)multiple studies are not required.
• C)no single variable serves as the criterion.
• D)the criterion remains static once defined.

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Definitions:

Income Effect

The change in an individual's or economy's income and how that change will impact the quantity demanded of a good or service.

Substitution Effect

The alteration in purchasing habits stemming from a shift in the relative cost of products, causing individuals to replace one item with another.

Price Change

A variation in the cost of a good or service over time or in response to supply and demand dynamics.

Income

The money received by an individual or entity in exchange for labor, from investments, or from any other source, over a period of time.