If There Is No Difference Between What Is Observed and What

question 19

Multiple Choice

If there is no difference between what is observed and what is expected,your chi-square value will be ______.

• A)0
• B)1
• C)-1
• D)impossible to determine

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Definitions:

Utility

A concept in economics that refers to the total satisfaction received from consuming a good or service.

X and Y

Often used in economic models to represent variables, products, or factors that can influence outcomes in analyses.

Consuming

The act of using up goods and services to satisfy wants or needs.

Maximizing Utility

The process of choosing the allocation of scarce resources that provides the highest possible satisfaction or happiness to an individual or society.