Quality Control Is an Important Issue at ACME Company, Which

question 95

Multiple Choice

Quality control is an important issue at ACME Company, which manufactures light bulbs. To test the life-hours of their light bulbs, they randomly sampled nine light bulbs and measured how many hours they lasted: 378, 361, 350, 375, 200, 391, 375, 368, 321. What is the mode?

• A) 375
• B) 368
• C) 389.9
• D) 200
• E) 346.6

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Definitions:

Circular Flow Model

A diagram that demonstrates the movement of money, resources, and goods and services in an economy between households, firms, and the government.

Resource Markets

Marketplaces where resources (like labor, capital, and raw materials) used to produce goods and services are bought and sold.

Invisible Hand

A metaphor coined by Adam Smith to describe the self-regulating nature of the marketplace where individuals' pursuit of self-interest benefits society.

Economic Efficiency

A state where resources are allocated in a way that maximizes the production of goods and services at the lowest cost.