Economic Variables Whose Values Are Measured in Goods Are Called

question 171

Multiple Choice

Economic variables whose values are measured in goods are called

• A)dichotomous variables.
• B)nominal variables.
• C)classical variables.
• D)real variables.

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Definitions:

Indifference Curve

A graphical representation showing different bundles of goods between which a consumer is indifferent, reflecting their preferences and utility.

Total Utility

The overall satisfaction or benefit a consumer receives from consuming a particular quantity of a good or service.

Indifference Curve

A graphical representation showing combinations of goods or services among which a consumer is indifferent, meaning they have no preference for one combination over another, holding utility constant.

Absolute Value

The non-negative value of a number without regard to its sign.