Data Is Composed of Recorded ________

question 9

Multiple Choice

Data is composed of recorded ________.

• A) facts
• B) numbers
• C) information
• D) Both A and B
• E) A, B and C

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Definitions:

Allocative Efficiency

A state of resource allocation where it is impossible to make any one individual better off without making someone else worse off, maximizing societal welfare.

Deadweight Losses

Deadweight losses occur in an economy when the total welfare is not maximized, often resulting from inefficiencies such as taxes, subsidies, price controls, or monopolistic market practices.

Consumer Surplus

The divergence between what consumers are able and willing to shell out for a product or service and the actual cost they incur.

Marginal Benefit

The uplift in satisfaction or value derived from the consumption of an additional unit of a product or service.