Procedures for Using the Nominal Group Technique (NGT) Do Not

question 26

Multiple Choice

Procedures for using the Nominal Group Technique (NGT) do not include

• A) Develop a clear statement of the problem
• B) Round robin recording of ideas generated by group members
• C) Choosing highest priority items by ranking them
• D) Voting

Grasp the concepts of inferior goods and how their price changes affect consumer well-being.

Explain the use and calculation of the Laspeyres and Paasche price indices.

Understand the Weak Axiom of Revealed Preference (WARP) and how it applies to consumer choices.

Comprehend the Strong Axiom of Revealed Preference (SARP) and its implications for consumer behavior.

---

Definitions:

Beverages

Liquid drinks, which can be alcoholic or non-alcoholic, consumed for refreshment or pleasure.

Appetizers

Small dishes served before the main meal to stimulate the appetite.

Entrees

The main dishes of a meal.

Desserts

Sweet courses concluding a meal.