Case-Based Critical Thinking Questions

question 23

Multiple Choice

Case-Based Critical Thinking Questions
Case 8-4
The following formula is used to determine Dean's List status: =AND(B1>=12,B2>3.25) .
Use the information provided to evaluate the formula.
Assuming that B1 contains 12 and B2 contains 3.25, then _____.

• A) the formula indicates that the student is on the Dean's List
• B) the formula indicates that the student is NOT on the Dean's List
• C) the formula returns a value of 0
• D) the formula returns an error message

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Definitions:

Choice Set

The collection of all possible options available for selection by a decision-maker.

Leftover Income

The amount of income that remains after all necessary expenses, such as bills and living costs, have been paid.

Budget Constraint

A limit on the consumption bundles that a consumer can afford given their income and the prices of goods.

Equation

A mathematical statement that asserts the equality of two expressions, usually denoted by the symbol '='.