In a Cross-Sectional Study, Data Are ________

question 22

Multiple Choice

In a cross-sectional study, data are ________.

• A) collected from a past time period
• B) collected in the future from groups that share common factors
• C) observed, measured, and collected at one point of time
• D) observed, measure, and collected over a period of time

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Definitions:

Total Utility

The overall satisfaction or happiness a consumer derives from consuming a certain quantity of a good or service.

Marginal Utility

is the added satisfaction or benefit a consumer gets from consuming one additional unit of a good or service.

Utility-Maximizing Rule

The principle that to obtain the greatest total utility, a consumer should allocate money income so that the last dollar spent on each good or service yields the same marginal utility (MU). For two goods X and Y, with prices Px and Py, total utility will be maximized by purchasing the amounts of X and Y such that MUx/Px = MUy/Py for the last dollar spent on each good.

Budget Constraint

The limitations on the consumption choices of an individual or family due to limited financial resources.