Selecting a Specific Record from a Master File Containing Millions

question 66

True/False

Selecting a specific record from a master file containing millions of records requires a direct access file environment.

Understand the concept of budget lines and how to interpret them in context.

Grasp the difference between ordinal and cardinal utility functions and their applicability in consumer choice theory.

Recognize the significance of the slope of the budget line in consumer decision-making.

Identify conditions under which preferences can be considered incomplete or non-transitive.

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Definitions:

A Priori Needs

Needs or requirements that are understood or established prior to a project or assessment, based on theoretical deduction rather than empirical evidence.

Actualization Needs

The highest level in Maslow's hierarchy of needs, focusing on realizing personal potential, self-fulfillment, and seeking personal growth.

Drive Theory

A psychological theory that suggests motivation is driven by an individual's desire to fulfill basic physiological needs and reduce internal tensions.

Incentive Theory

A theory in psychology that suggests behavior is motivated by a desire for rewards or incentives.