Data Set 2C Suppose That the Lengths of Employment (In Years) of 7

question 4

Multiple Choice

Data Set 2C
Suppose that the lengths of employment (in years) of 7 employees of a small company are as follows:
1, 2, 2, 3, 4, 4, 5
-For Data Set 2C, what is the approximate standard deviation?

• A) √1.8
• B) 1.1
• C) 1.4
• D) 2
• E) √1.7

---

Definitions:

Incomplete Information

A situation where all parties in a transaction do not have full knowledge about actions, intentions, or preferences of other parties.

Economic Inefficiencies

Occurrences where resources are not allocated optimally, leading to lost potential output or welfare.

Monopsony

Market with only one buyer.

Public Goods

Public goods are commodities or services that are provided without profit to all members of a society, either by the government or a private individual or organization.