Examlex
Which of the following best characterizes the long-term outcome of individuals that were characterized as gifted in Terman's longitudinal study of intelligence?
Pure Exchange Economy
An economic model where there is no production, and agents trade endowments of goods that they own initially.
Utility Function
A mathematical representation of how consumers rank different bundles of goods according to the levels of satisfaction those goods provide.
Numeraire
A standard unit of account in economics used to compare the value of goods and services.
Perfect Substitutes
Goods that a consumer is completely indifferent between, meaning they will substitute one for another at a constant rate regardless of any change in price or utility.
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