In Economics,one of the Effects of Scarcity Is

question 65

Multiple Choice

In economics,one of the effects of scarcity is

• A) disutility.
• B) utility.
• C) choice.
• D) inefficiency.
• E) a,c,and d

Understand and analyze different buying decisions based on attributes, affect, and attitudes.

Understand the impact of inflation on purchasing power.

Recognize the function and purpose of major economic and trade organizations.

Identify factors leading to economic recessions and expansions.

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Definitions:

Significance Level

The threshold below which a p-value is considered statistically significant, typical levels are 0.05, 0.01, etc., indicating the probability of rejecting the null hypothesis when it is true.

Normal Population

A population in which the data follows a normal distribution, characterized by a bell-shaped curve where most observations cluster around the central peak and probabilities for values taper off symmetrically towards the extremes.

Hypotheses

Proposed explanations or predictions that are based on limited evidence as a starting point for further investigation.

Level of Significance

The probability threshold under which a null hypothesis is rejected in hypothesis testing, often denoted by alpha.