The Percentile Rank of a Value in a Data Set

question 10

Multiple Choice

The percentile rank of a value in a data set is 43.This means that:

• A)43% of the values in that data set are greater than that value
• B)43% of the values in that data set are greater than 43
• C)57% of the values in that data set are smaller than that value
• D)43% of the values in that data set are smaller than that value

---

Definitions:

Worker's Time

The amount of time an individual dedicates to labor or employment activities.

Constant Returns

A situation in production where increasing the quantity of inputs results in a proportional increase in the quantity of outputs, indicating a stable relationship between inputs and outputs.

Scale

refers to the size of a business operation or the capacity of a company's production output.

Production Function

An equation or model that describes the relationship between inputs (like labor and capital) and outputs (goods or services) in the production process.