If the Total Expenditures of a Typical Family Equaled $35,000

question 123

Multiple Choice

If the total expenditures of a typical family equaled $35,000 per year in 2010 and the exact same basket of goods and services cost $40,000 in the year 2015, the family's cost of living:

• A)increased by 14 percent.
• B)decreased by 12.5 percent.
• C)decreased by 14 percent.
• D)increased by 12.5 percent.

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Definitions:

Normal Model

A statistical representation where most occurrences happen around the central peak and probabilities for values decrease as they move away from the mean.

Standard Deviation

A statistical measure of the dispersion or variability in a dataset, indicating how spread out the numbers are from the mean.

Normal Model

A statistical model that describes how data points are distributed around the mean, assuming a symmetrical bell-shaped curve known as the normal distribution.

Scores Between

A reference to evaluating or comparing numerical values or results within a specified range.