Economists Consider a Product Such as a University Education to Be

question 89

Multiple Choice

Economists consider a product such as a university education to be ________,whereas a product such as your local library is generally considered to be ________.

• A)non-rivalrous and non-excludable; rivalrous and non-excludable
• B)rivalrous and non-excludable; rivalrous and excludable
• C)rivalrous and excludable; non-rivalrous and excludable
• D)rivalrous and excludable; rivalrous and non-excludable
• E)non-rivalrous and excludable; non-rivalrous and excludable

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Definitions:

Level Shift

A term often used in time series analysis indicating a change in the mean level of a series at a certain point in time.

Assignable Variation

Assignable variation is a concept in quality control that refers to variation in a process that can be traced to specific causes, as opposed to random variation, which is inherent and cannot be easily identified and controlled.

Trend

A general direction in which something is developing or changing, often identified in data analysis.

Average Run Length

In statistical process control, it is the expected number of samples taken until a control chart signals a possible shift in process parameters.