A Correlation Tells Us

question 69

Multiple Choice

A correlation tells us:

• A)whether a cause-effect relationship exists.
• B)whether two variables are related
• C)whether or not a test is efficient.
• D)if people are responding to demand characteristics.

Understand the concept of marginal benefits and marginal costs in decision-making.

Understand the concept of opportunity cost and how it influences economic decisions.

Recognize the secondary effects of economic policies and individual choices.

Comprehend the economic way of thinking regarding how incentives and marginal changes influence behaviors.

---

Definitions:

Resource Consumption

The use of resources (such as raw materials, energy, or labor) in the production of goods or provision of services.

Activity-Based Costing

A costing method that allocates overhead and indirect costs to related products and services based on the activities that drive costs, rather than on traditional volume measures such as machine hours or labor costs.

Supporting Assembly

The process or area where components are prepared, assembled, or added to other parts to contribute to the final product in a manufacturing setting.

Servicing Customers

The process and practice of providing support, service, and assistance to customers or clients.