Refer to the Information Provided in Table 12 *4 Yrs College = 16 Yrs; Masters/law Degrees = 18

question 8

Multiple Choice

Refer to the information provided in Table 12.3 below to answer the questions that follow.
Table 12.3:
Annual Family Income and Education* Statistics for Three Neighborhoods
$$\begin{array} { l | llllll } & { \text { GLENBROOK } } && { \text { MEADOWBROOK } } && { \text { ELMBROOK } } \\& \text { Income } & \text { Education } & \text { Income } & \text { Education } & \text { Income } & \text { Education } \\\hline \text { Mean } & \$ 78,000 & 17 \text { Years } & \$ 28,000 & 15 \text { Years } & \$ 16,000 & 11 \text { Years } \\\text { Median } & \$ 27,000 & 18 & \$ 28,000 & 16 & \$ 18,000 & 11 \\\text { Mode } & \$ 26,000 & 20 & \$ 28,000 & 11 & \$ 14,000 & 11 \\\text { Stand Dev. } & \$ 8,000 & 3 & \$ 2,000 & 6 & \$ 3,000 & 1.0 \\\text { (N) } & ( 300 ) & & ( 300 ) & & ( 300 ) &\end{array}$$ *4 yrs college = 16 yrs; masters/law degrees = 18 yrs; Ph.D/MD degrees = 20 yrs.
-Which neighborhood has the greatest average variation distribution) among the incomes of families?

• A) Glenbrook
• B) Meadowbrook
• C) Elmbrook
• D) The neighborhoods are all very diverse in income.

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Definitions:

Savings And Loan Bailout

A government intervention in the late 1980s and early 1990s, aimed at saving the Savings and Loan industry from collapsing due to bad loans and investments.

Reserve Ratio

The fraction of deposits that banks are required to hold in reserve and not lend out, often set by central banks to control the money supply.

Gold Coins

These are coins made primarily or exclusively of gold, often used historically as currency and currently as investment or collectible items.

Reserve Ratio

The fraction of deposits that banks are required to hold in reserve and not lend out, set by central banking authorities.