Variables That Have Only Two Values Are Known as Dichotomies

question 64

True/False

Variables that have only two values are known as dichotomies.

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Definitions:

Comparative Advantage

Comparative advantage occurs when a country, individual, or company can produce a good or service at a lower opportunity cost than others.

Geegaws

Decorative trinkets or gadgets, often considered unnecessary or frivolous.

Utility Function

An illustrative model that shows the way individuals prioritize various combinations of products based on their contentment levels.

Coconuts

The large, brown, hard-shelled seeds of the coconut palm, used for food, oil, and as a source of material.