What Is the Variance

question 18

Multiple Choice

What is the variance?

• A) The difference between the lowest and highest score
• B) The difference between a score and the mean
• C) The average squared distance from the mean
• D) A measure of central tendency

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Definitions:

Utilities Possibilities Frontier

A concept in economics that represents all possible allocations of utility or satisfaction among different goods and services for a particular consumer or society, graphically.

Efficient

A state of productivity in which resources are used in the most cost-effective way without waste, achieving the highest possible output from a given input.

Equitable

Characterized by fairness or impartiality; just and right in considering the rights and responsibilities of all parties involved.

Efficiency

The extent to which resources are used optimally to achieve the desired output, often maximizing productivity while minimizing waste.