Data Must Be Converted into Information to Be Considered Useful

question 68

Multiple Choice

Data must be converted into information to be considered useful and meaningful for decision making.There are seven characteristics that make information both useful and meaningful.If information can help reduce uncertainty,improves decision making,or confirms or corrects prior expectations,it is representative of the characteristic of

• A)reliability.
• B)relevance.
• C)complete.
• D)truthful.

---

Definitions:

Monopoly

A market structure characterized by a single seller, selling a unique product in the market without any close substitutes, dominating the market.

Production Function

A formula that delineates the highest quantity of production achievable using specific inputs provided.

Labor

The effort exerted by humans, whether it be of a physical or mental nature, utilized in creating goods and services.

Demand Curve

A graph showing the relationship between the price of a good or service and the quantity demanded, typically downward sloping, reflecting an inverse relationship.