One Advantage of a Standardized Test Over a Teacher-Made Test

question 19

Multiple Choice

One advantage of a standardized test over a teacher-made test is that the standardized test has greater

• A)known technical quality.
• B)flexibility.
• C)overall objectivity.
• D)relevance.

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Definitions:

Economic Profit

Profit that accounts for both explicit costs and opportunity costs.

Economic Profit

The financial gain made in a transaction after subtracting both the explicit and implicit costs.

Fixed Costs

Expenses that do not change with the level of production or sales, such as rent, salaries, and insurance premiums.

Variable Costs

Costs that change in proportion to the level of output or activity in a business.