An Outlier Is Defined As

question 24

Multiple Choice

An outlier is defined as:

• A) data that lies outside of the desired range.
• B) a score that is extreme relative to the other data in a sample.
• C) an error in data collection and entry.
• D) a person who gives incorrect information.

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Definitions:

Economic Efficiency

A condition in which resources are allocated in such a way that maximizes the net benefit to society, ensuring that goods and services are produced and distributed in the most cost-effective manner.

Import Quotas

Limits set by a government on the quantity of a certain good that can be imported into a country, used to protect domestic industries.

Tariffs

A tax imposed by a government on goods and services imported from other countries, affecting the price and availability of those items.

Foreign-Produced Automobiles

Cars and other types of vehicles that are manufactured outside of a country's borders and then imported for sale.