A Pareto Optimal Allocation of Resources Is One in Which

question 146

Multiple Choice

A Pareto optimal allocation of resources is one in which any change to benefit one person would come at the expense of hurting another.Another word for Pareto optimal is

• A) unfair.
• B) fair.
• C) efficient.
• D) inefficient.

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Definitions:

Contingency Table

A table often used in statistics to display the frequency distribution of variables, enabling a visual inspection of the relationship between them.

Qualitative Variables

Variables that express descriptive or categorical attributes and cannot naturally be represented by a numerical value.

Chi-Square Test

The Chi-Square Test is a statistical test used to determine if there is a significant difference between expected frequencies and observed frequencies in one or more categories.

Degrees of Freedom

The number of independent values or quantities which can be assigned to a statistical distribution or to the final calculation of a statistic without violating any constraints.