Into How Many Oceans Is the "World Ocean" Usually Divided

question 61

Multiple Choice

Into how many oceans is the "world ocean" usually divided?

• A) many
• B) 2
• C) 4
• D) 10
• E) None, because there is truly one world ocean.

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Definitions:

Equivalent Variation

A measure used in economics to evaluate the change in wealth that would leave an individual's utility unchanged before and after a policy change or a price change.

Compensating Variation

A monetary measure of the amount of money a consumer would need to reach their original utility level after a price change.

Tax

A compulsory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.

Utility Function

A mathematical expression that describes how the total satisfaction or happiness of a consumer changes with changes in consumption of goods and services.