A Recent Public Opinion Poll Found That 47 Percent of Respondents

question 12

Multiple Choice

A recent public opinion poll found that 47 percent of respondents approve of the job the president is doing. Subsequent polls found approval ratings of 46 percent, 48 percent, and 49 percent. Based upon this we can say the questions in the poll are what kind of measurement of presidential job approval?

• A) valid
• B) reliable
• C) fair
• D) random

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Definitions:

Marginal Cost

The increased cost resulting from the production of an extra unit of a product or service.

Consumer Surplus

The difference between the total amount consumers are willing and able to pay for a good or service and the total amount they actually pay.

Demand Curves

A graph showing the relationship between the price of a good and the quantity of the good that consumers are willing and able to purchase at various prices.

Marginal Revenue

The additional revenue that a firm receives from selling one more unit of a good or service.