Wants

question 111

Multiple Choice

Wants

• A) is another term for needs.
• B) refer to services while needs refer to goods.
• C) is the term used by economists instead of needs because needs are not objectively definable.
• D) are used by economists and refer to the same thing as needs when used by psychologists.

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Definitions:

Wilcoxon Test

A non-parametric statistical test used to compare two paired groups and determine whether their population mean ranks differ.

Expected Value

A measure in probability and statistics indicating the average outcome of a random event, calculated as the weighted average of all possible values.

Null Hypothesis

A statement or idea that suggests there is no statistical significance or effect between certain observed phenomena or variables.

Wilcoxon Rank Sum Test

A nonparametric statistical test that compares two independent samples to assess whether their populations have the same distribution.