An Economist, When Analyzing a Problem Will Attempt to

question 68

Multiple Choice

An economist, when analyzing a problem will attempt to

• A)maximize the net benefit of an action and this occurs where the marginal benefit equals the marginal cost.
• B)maximize the total benefit of an action.
• C)minimize the total cost of an action.
• D)maximize the net benefit of an action and this occurs where the average benefit equals the average cost.

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Definitions:

Predictive Validity

is the extent to which a score on a scale or test predicts future performance on related tasks.

Reliability

The degree to which a measure or assessment consistently produces the same results under the same conditions.

Intelligence Tests

Tests that are standardized to evaluate human cognitive capabilities and intelligence levels.

Intellectual Development

The growth and change in mental abilities and processing capabilities, including reasoning, problem-solving, and learning.