COGNITIVE ASSESSMENT What Term Is Used to Describe a Set

question 145

Multiple Choice

COGNITIVE ASSESSMENT What term is used to describe a set of steps?

• A) algorithm
• B) script
• C) formula
• D) procedure

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Definitions:

Pareto Optimality

A state of allocation of resources in which it is impossible to make any one individual better off without making at least one individual worse off.

Partial Equilibrium

An analysis in economics focusing on the equilibrium of a specific sector or market without considering the whole economy.

Equity

The value that would be returned to shareholders if a company's assets were liquidated and all its debts repaid.

Least Possible Cost

The minimum expenditure necessary to achieve a specific outcome or produce a given quantity of a good.