The Mean of Grouped Data Is

question 22

Multiple Choice

The mean of grouped data is:

• A) exactly equal to the midpoint of the interval.
• B) the sum of the frequencies of the intervals.
• C) the sum of the products of the intervals.
• D) a reasonable approximation.

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Definitions:

Standards of Living

The level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.

Developing Countries

Countries with a low living standard because of less human and physical capital per worker; typified by high rates of illiteracy, high unemployment, high fertility rates, and exports of primary products; also known as low-income and middle-income economies

Physical Capital

The stock of equipment, buildings, vehicles, and machinery that is used to produce goods and services; a factor of production that is not consumed in the production process.

Labor Productivity

The output per worker, assessing how efficiently labor is utilized in production.