Consider the following situation: your math professor tells your class that the mean score on the final exam is 43 . The exam was scored on a total of 100 points. Does this imply that you, too, scored poorly on the exam?
What will be an ideal response?
The mean is an average value of a set of observations. Although the mean score is representative of the values in the set of observations, a single value (for example, your exam score) could be very different from the mean. These ‘outliers' could skew the mean toward being lower or higher than most of the other observations. So, it could be possible that you scored higher than, say 75, but your classmates' lower scores pulled the value of the mean downward.
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Oil price hikes
A) decrease aggregate supply. B) decrease aggregate demand. C) increase aggregate supply. D) increase aggregate demand. E) increase potential GDP.
If a monopsony must negotiate with a union, then the wage will probably be
A) more than the value of marginal product. B) more than the marginal cost of labor. C) the same as if there had been no union. D) more than what it would have been without a union but not more than the value of marginal product.
Which of the following accurately describes economic growth and standards of living between 1,000,000 B.C. and 1300 A.D.?
A) No sustained economic growth occurred between 1,000,000 B.C. and 1300 A.D. B) Significant economic growth took place between 1,000,000 B.C. and 1300 A.D. C) Standards of living substantially declined from 1,000,000 B.C. to 1300 A.D. D) Standards of living in 1300 A.D. were substantially better than what they were in 1,000,000 B.C.
When a firm is experiencing economies of scale, the minimum point of the firm's short-run average total cost curve shifts down as it expands its scale of production
Indicate whether the statement is true or false