Which of the Following Is an Economic Need

question 251

Multiple Choice

Which of the following is an economic need?

• A)desire for self-satisfaction and convenience
• B)desire for efficiency in the consumer's investment plans
• C)desire for efficiency in the use of the consumer's time and money
• D)desire for prestige and paying a high price for the best quality
• E)desire for status and paying a high price for the best quality

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Definitions:

Scatter Diagram

A graphical representation of data points for two variables to determine if there is a relationship between them.

Scatter Diagram

A graphical representation of the relationship between two variables, using dots to show each observation in the dataset.

Interval Variables

Variables that have measurable distances between the values they can take, but do not have a true zero point.

Correlation Implies Causation

A logical fallacy that suggests if two variables are correlated, one variable must cause the other.