Which Answer Reflects (In Order)a Good,a Service,and an Idea That

question 168

Multiple Choice

Which answer reflects (in order) a good,a service,and an idea that can be marketed?

• A)a candy bar,a wastepaper basket,and a vending machine
• B)a CD,a concert,and a souvenir T-shirt
• C)a political candidate,democracy,and freedom
• D)an iPod,an iPhone,and an iPad
• E)a toothbrush,laser teeth whitening,and dental hygiene

Recognize the limitations of correlation in inferring causality.

Understand the concept of interaction effects in ANOVA.

Identify the visual representation of interaction and main effects on graphs.

Understand the principles of main effects in ANOVA.

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Definitions:

Baseballs

Spherical balls used in the game of baseball, made of rubber or cork center wrapped in yarn and covered in leather.

Market Forces

The natural effects of supply and demand that determine prices and resource allocation in a market economy.

Collective Decision-Making

The use of the political process (voting, taxes, government spending, regulation, political bargaining, lobbying, and so on) to make decisions and allocate resources. In a democratic setting, the votes of citizens and their representatives will determine the actions undertaken.

Basic Economic Questions

Fundamental questions that every economic system must address: What to produce, how to produce, and for whom to produce.