Tables, Line Graphs, Bar Graphs, Dot Graphs and Pie Charts

question 46

True/False

Tables, line graphs, bar graphs, dot graphs and pie charts are standard visual aids. They can only be used to present facts and figures in oral presentations.

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Definitions:

Utility Function

A formula that quantifies the happiness or satisfaction a consumer gains from consuming different combinations of goods and services.

Edgeworth Box

A diagram used in microeconomics to show the distribution of resources or goods between two parties and to illustrate potential gains from trade.

Pareto Efficient

A Pareto efficient outcome is one in which it is impossible to make any one individual better off without making at least one individual worse off, indicating an optimal allocation of resources.

Utility Function

A mathematical representation of how a consumer's preferences between different goods or services translate into levels of satisfaction or utility.