Utility Refers to The

question 24

Multiple Choice

Utility refers to the:

• A)extent to which a product can be used as a capital resource
• B)opportunity cost of a product
• C)relative scarcity of a product
• D)usefulness of a product
• E)satisfaction that a consumer derives from a good or service

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Definitions:

Memory Recall

The mental process of retrieval of information from the past.

Experimental Design

The process of planning a study to meet specified objectives and ensure that the results are statistically significant and replicable.

Independent Variable

The variable that is manipulated by the researcher to examine its effect on the dependent variable in an experiment.

External Validity

The extent to which the results of a study can be generalized to other situations and to other people.