The Ability of a Good to Satisfy a Want Refers

question 131

Multiple Choice

The ability of a good to satisfy a want refers to its:

• A) utility.
• B) usefulness.
• C) worthiness.
• D) necessity.

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Definitions:

Stanford-Binet Intelligence Scale

A cognitive ability assessment tool that measures intelligence through various verbal and non-verbal tasks.

Mental Age

An assessment of an individual's mental aptitude based on the average age at which people achieve a particular score.

William Stern

A German psychologist who is best known for developing the concept of the intelligence quotient (IQ) and for his significant contributions to differential psychology.

Intelligence Quotient

A measure of a person's reasoning ability compared to the statistical norm or average for their age, calculated using standardized tests.