Examlex
What is a performance test? Provide an example of how one might use performance tests to select for a job as a police officer.
Substitution Effect
Changes in what consumers purchase, brought about by alterations in the relative costs of goods, persuading consumers to opt for alternatives over their usual choices.
Income Effect
The correlation between income changes in an economy or for individuals and their effect on the quantity of goods and services demanded.
Opportunity Cost
The value of the next best alternative that is foregone when a decision is made to choose one option over another.
Leisure Time
Free time in which an individual is not working, is not engaged in compulsory activities, and can choose activities for relaxation, enjoyment, or other personal development.
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