If a number greater than the mean of a series of observations is added to the series, the new mean is:
A) smaller than the original mean.
B) greater than the original mean.
C) same as the original mean.
D) either greater or smaller than the original mean depending on the number of observations in the series.
B
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A person's earnings over a period of time is known as
A) money B) income C) wealth D) all of the above
Which of the following is the most likely result when there are economies of scope?
a. outsourcing b. vertical integration c. natural monopoly d. multi-product firms e. adverse selection
Which of the following institutions is responsible for supervising the banking system of the United States?
a. The Federal Reserve System. b. The Open Market Committee. c. The U.S. Treasury. d. The Federal Deposit Insurance Corporation.
The metaphor used to describe the working of the price system to achieve efficiency in a free market is
A. Occam’s razor. B. the prisoner’s dilemma. C. the invisible hand. D. the benefit principle.