An Hypothesis States,in Part,that "Income Increases as Education Increases

question 49

Multiple Choice

An hypothesis states,in part,that "income increases as education increases." In this statement,education is

• A)the dependent variable.
• B)the independent variable.
• C)the hypothetical variable.
• D)the secondary variable.

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Definitions:

Maximize Utility

The economic principle aiming to achieve the highest satisfaction possible from consumption given limited resources.

Allocate Money Income

The process of distributing financial resources among different uses to satisfy various needs and desires.

Elasticity

A measure in economics that shows how the quantity demanded or supplied of a good changes in response to price or other economic factors.

Marginal Utility

The additional satisfaction or benefit (utility) that a consumer gains from consuming one more unit of a good or service.