Which of the Following Statements Is True About Information

question 80

Multiple Choice

Which of the following statements is true about information?

• A) It has no meaning in and of itself.
• B) It organizes or manipulates knowledge to make it suitable for a given task.
• C) It is a set of unformatted words and numbers.
• D) It is a representation of reality.
• E) It is the ability to make predictions based on data.

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Definitions:

Deadweight Loss

A loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved or is not achievable, leading to a reduction in total surplus.

Excess Burden

A measure of the economic loss that can occur when market behavior is distorted, often due to inefficient taxation or government policies.

Economic Activity

All actions that involve the production, distribution, and consumption of goods and services in an economy.

Tax Burden

The total amount of taxes that individuals or businesses must pay to the government.