What Term Is Used to Describe a System in Which

question 35

Multiple Choice

What term is used to describe a system in which each student works for a particular grade according to agreed-upon standards?

• A) contract system
• B) norm-referencing system
• C) criterion-referencing system
• D) dual marking system

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Definitions:

Loss Averse

The behavioral tendency of individuals to prefer avoiding losses over acquiring equivalent gains, highlighting the emotional impact of loss.

Prospect Theory

A behavioral economic theory that describes how people choose between probabilistic alternatives that involve risk, where the probabilities of outcomes are uncertain.

Rational Consumers

Individuals who make decisions to maximize their utility or satisfaction based on the information available and their own preferences.

Marginal Utility

The change in total satisfaction or utility that a consumer experiences as a result of consuming one additional unit of a good or service.