When Economic Choice Involves an Adjustment to an Existing Situation,marginal

question 101

Multiple Choice

When economic choice involves an adjustment to an existing situation,marginal analysis:

• A)has no practical applications or real-world uses.
• B)eliminates incorrect decisions and bad choices.
• C)involves comparing the additional costs and additional benefits of an activity before deciding.
• D)involves examining only the total costs and total benefits of an activity before deciding.
• E)guarantees an incorrect decision.

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Definitions:

Norm Referencing

A method of scoring in which test scores are compared to a group of other scores called the norm group.

Norm Group

A reference population used to establish benchmarks or standards for comparing and interpreting the scores of individual test-takers.

Adolescents

Individuals in the transitional stage of human development that occurs between childhood and adulthood, typically between the ages of 10 and 19.

Adults

Individuals who have reached the age of maturity as defined by legal, social, or cultural standards, typically gaining responsibilities and rights associated with adulthood.