If There Are Two Factors Used in Producing a Good

question 168

Multiple Choice

If there are two factors used in producing a good, the least-cost rule specifies that costs have been minimized when

• A)the MPP of the first factor divided by its price is equal to the MPP of the second factor divided by its price.
• B)the MPP of the first factor multiplied by its price is equal to the MPP of the second factor minus its price.
• C)the MPP of the first factor divided by the price of the second factor is equal to the MPP of the second factor divided by the price of the first factor.
• D)the MPP of the second factor minus the MPP of the first factor is equal to the price of the second factor minus the price of the first factor.
• E)none of the above

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Definitions:

Test-retest Reliability

This refers to the consistency of scores on a test or assessment when the same individuals take the test again under similar conditions after a time interval.

Interquartile Range

Provides the range of the middle 50% of scores around the median. Because it eliminates the top and bottom quartiles, the quartile range is most useful with skewed curves because it offers a more representative picture of where a large percentage of the scores fall.

Internal Consistency

A method of determining reliability of an instrument by looking within the test itself, or not going “outside of the test” to determine a reliability estimate as is done with test-retest or parallel forms reliability. Some types of internal consistency reliability include split-half (or odd-even), Cronbach’s Coefficient Alpha, and Kuder-Richardson.

Licensure Exam

A standardized test that individuals must pass to obtain a license to practice in certain professions, ensuring they meet the required competency standards.