Colleges and Universities Use Such Things as Grade Point Averages

question 16

Multiple Choice

Colleges and universities use such things as grade point averages and standardized test scores as

• A) a measure of consumer utility.
• B) non-price rationing devices.
• C) a means to shift the supply curve for a college education.
• D) solely to frustrate prospective students.

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Definitions:

Transaction

The action or process of conducting business or commercial exchanges, including buying, selling, or transferring goods, services, or funds.

UCC

The Uniform Commercial Code (UCC) is a comprehensive set of laws governing all commercial transactions in the United States, aimed at standardizing regulations across state lines to facilitate smooth commerce.

Warranty

A legal guarantee provided by a seller regarding the condition, quality, or performance of a product or service.

Fitness for Particular Purpose

A guarantee that a product will meet the specific needs or uses the buyer informs the seller about at the time of purchase.