Define Variability

question 82

Short Answer

Define variability. Why is it important to obtain a measure of variability in addition to a measure of central tendency?

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Definitions:

Flow Variable

A quantity that is measured over a specific period of time, such as income or expenditure.

Federal Taxes

Taxes collected by the federal government from individuals and corporations to fund public goods and services.

Federal Debt

The total amount of money owed by the federal government, accrued from past borrowing.

Budget Enforcement Act

Legislation intended to enforce strict budgetary controls on federal spending, aiming to reduce the fiscal deficit.