For the Questions Below: a Statistics Student (Lee)wants to Compare

question 78

Multiple Choice

For the questions below: A statistics student (Lee) wants to compare his final exam score to his friend Zoey's final exam score from last year. However, the two exams were scored on different scales. Lee asks Zoey for the mean and standard deviation of her class on the exam as well as her final exam score. Compute the Z scores for Lee and Zoey. Lee: Final exam score = 85; Class: M = 70; SD = 10
Zoey: Final exam score = 45; Class: M = 35; SD = 5

• A)Lee, Z = 1.50; Zoey, Z = 2.00
• B)Lee, Z = -1.07; Zoey, Z = -1.14
• C)Lee, Z = 1.07; Zoey, Z = -1.14
• D)Lee, Z = 1.07; Zoey, Z = 1.50

Understand how the burden of taxes is distributed between consumers and producers based on the relative price elasticities of demand and supply.

Analyze the revenue generation from taxes imposed on goods and services.

Grasp the concept of deadweight loss resulting from taxes and understand its implications on economic welfare.

Understand the effects of price ceilings and price floors on market outcomes.

---

Definitions:

Remedies

Legal means for enforcing a right or redressing a wrong, including monetary damages, injunctions, and specific performance.

Downtown Office Supply

A business specializing in providing office supplies and equipment, typically located in a city's downtown area.

Property Rights

Legal rights related to the ownership, use, and disposal of property.

Death

The cessation of all biological functions that sustain a living organism.