I an Outlier Is a Value in a Data Set

question 143

Multiple Choice

i. An outlier is a value in a data set that is inconsistent with the rest of the data.
ii. The interquartile range is the difference between the values of the first and third quartile, indicating the range of the middle fifty percent of the observations.
Iii) A student scored in the 85 percentile on a standardized test. This means that the student scored lower than 85% of the rest of the students taking the test.

• A) (i), (ii) and (iii) are all correct statements
• B) (i) and, (ii) are correct statements but not (iii).
• C) (i) and, (iii) are correct statements but not (ii).
• D) (i) is a correct statement, but not (ii) or (iii).
• E) All statements are false

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Definitions:

Artificially Scarce

A situation where a product or resource's availability is limited through artificial means rather than natural scarcity.

Public Good

A commodity or service that is provided without profit to all members of a society, either by the government or a private individual or organization.

Artificially Scarce Goods

Products or services that have their availability limited through artificial means, such as through monopolies or government regulation, rather than through actual supply constraints.

Common Resources

Resources that are available to all members of a society but have limited availability, leading to potential overuse.