Exhibit 3-2 A Researcher Has Collected the Following Sample Data

question 63

Multiple Choice

Exhibit 3-2
A researcher has collected the following sample data
5 12 6 8 5
6 7 5 12 4
-Refer to Exhibit 3-2. The median is

• A)5
• B)6
• C)7
• D)8

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Definitions:

Long Run

A period in economics where all inputs can be adjusted, and companies can change all factors of production.

Phillips Curve

An economic model suggesting an inverse relationship between rates of unemployment and corresponding rates of inflation.

Unemployment Rate

The percentage of the labor force that is jobless and actively seeking employment within an economy.

Long-run Phillips Curve

A graphical representation showing the relationship between inflation and unemployment when inflation expectations are fully adjusted to actual inflation.