Which of the Following Is True About the Terms "Data

question 60

Multiple Choice

Which of the following is true about the terms "data" and "information" within the context of Chapter 1?

• A)These terms are exactly the same
• B)These terms are exact opposites
• C)Processed "data" becomes "information"
• D)none of these

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Definitions:

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied.

Equilibrium Quantity

The quantity of goods or services supplied and demanded at the point where supply equals demand.

Total Surplus

The total net gain to society from the creation and utilization of a product or service, expressed as the combined value of consumer surplus and producer surplus.

Positively Sloped

Characterizes a line or curve on a graph that moves upward as one moves from left to right, indicating a direct relationship between two variables.