In the Theory of Utilitarianism, Economists Assume That

question 256

Multiple Choice

In the theory of utilitarianism, economists assume that

• A) consumers will maximize their income subject to a budget constraint.
• B) while consumers are mostly rational, they occasionally indulge in impulse buying.
• C) people will spend their incomes so as to maximize their happiness.
• D) utility measures usefulness.

Distinguish between different types of experimental designs like completely randomized designs and randomized block designs.

Comprehend the use of various statistical tests in comparing population means.

Formulate null and alternative hypotheses for ANOVA tests.

Understand the basic principles of experimental design in statistics.

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