The Median Has the Property of Minimizing the Sum of Absolute

question 15

True/False

The median has the property of minimizing the sum of absolute deviations from it.

---

Definitions:

Price Level

The broad-based average price across the spectrum of goods and services in the economy.

Real Income

Income of individuals or nations adjusted for inflation, reflecting the actual purchasing power.

Velocity of Money

The rate at which money is exchanged from one transaction to another and used to purchase goods and services, reflecting the economy's activity level.

Nominal GDP

A measure of a country's economic output based on current prices, without adjusting for inflation.