When We Fall into the Trap of Believing That Terms

question 19

Multiple Choice

When we fall into the trap of believing that terms have real meanings we are guilty of:

• A)reification.
• B)measurements that lack reliability.
• C)measurements that lack validity.
• D)confusing reliability with validity.
• E)confusing validity with reliability.

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Definitions:

Supply of Oil

The total volume of oil that producers are willing to sell at various price levels during a certain time period.

Gasoline

A volatile, flammable liquid primarily used as fuel in internal combustion engines.

Equilibrium Price

The price at which the quantity of goods supplied equals the quantity demanded, hence, the market is in balance.

Market Price

The ongoing rate at which an asset or service is being offered for buying or selling.