In Order to Use the Chi Square

question 58

Multiple Choice

In order to use the chi square

• A) all data must be in nominal form
• B) the categories must be independent of each other
• C) the sum total of all fo's must equal N
• D) all of these

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Definitions:

Perfect Substitutes

Perfect substitutes are two goods that can be used in place of each other with no loss of utility or preference by consumers.

Income Effect

Refers to the change in an individual's or economy's purchase of goods and services resulting from changes in income levels.

Substitution Effect

The change in consumption patterns due to a change in relative prices, holding the consumer's level of utility constant.

Price

The fiscal amount needed for the acquisition of a product or service.