The Ability of a Test to Yield the Same Score

question 527

True/False

The ability of a test to yield the same score, or nearly the same score, each time it is given to the same person is called standardization.

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Definitions:

Average Variable Cost

The variable cost per unit of output, obtained by dividing the total variable cost by the total output.

Marginal Cost

The change in total production cost that comes from making or producing one additional unit.

Shut Down

A short-term decision by a firm to cease operations and production when the market price is below its variable costs, to minimize losses.

Economic Loss

A situation where total costs exceed total revenues, leading to a negative economic profit.