In Using the Composite-Good Convention in an Indifference Curve Diagram,economists

question 28

Multiple Choice

In using the composite-good convention in an indifference curve diagram,economists

• A) compare the prices of market baskets at different points in time.
• B) divide the world's production into two classes,goods and services.
• C) divide the world's goods into two classes,high quality goods and low quality goods.
• D) lump together all goods but one into a single good measured in a single unit,like dollars.

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Definitions:

Lexical Hypothesis

Traits important for survival and reproduction are embedded in our language, with the most important traits represented by the largest number of words.

Embedded

The state of being firmly and deeply ingrained or fixed within a surrounding whole.

Lexical Approach

A method in personality psychology that proposes that key personality traits can be identified by analyzing the language people use to describe themselves and others.

Gordon Allport

An American psychologist known for his work in personality theory and for emphasizing the importance of individuality and personal growth.