In the Overview of Testing and Assessment Provided in Chapter

question 88

Multiple Choice

In the overview of testing and assessment provided in Chapter 1,examples of the use of different tools of assessment to answer different research questions were provided.What tool of assessment was cited as particularly useful in learning about the reaction of simulated juries to certain types of evidence?

• A) tests
• B) case history data
• C) portfolio assessment
• D) behavioral observation

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Definitions:

Productive Efficiency

A situation where a firm or economy produces output at the lowest possible cost, using all its resources efficiently.

Pure Competition

A market structure characterized by a large number of small firms, a homogenous product, and very easy entry and exit from the market.

Spillovers

Effects of an economic activity that impact third parties who are not directly involved in the activity, potentially leading to externalities.

Marginal Cost

The added cost incurred from the production of an extra unit of output.