A Local Consumer Reporter Wants to Compare the Average Costs

question 50

Multiple Choice

A local consumer reporter wants to compare the average costs of grocery items purchased at three different supermarkets, A, B, and C. Prices (in dollars) were recorded for a sample of 60 randomly selected grocery items at each of the three supermarkets. In order to reduce item-to-item variation, the prices were recorded for each item on the same day at each supermarket. $$\begin{array} { l l c c c } \hline & { \text { Item } } & \mathrm { A } & \mathrm { B } & \mathrm { C } \\\hline \text { 1) } & \text { paper towels } & 1.22 & 1.42 & 1.37 \\\text { 2) } & \text { cereal } & 2.70 & 3.15 & 2.90 \\\text { 3) } & \text { floor cleaner } & 5.91 & 5.79 & 6.80 \\\text { ? } &\text { ? } &\text { ? } &\text { ? }&\text { ? } \\\text { 59) } & \text { shaving cream } & 1.00 & 0.90 & 0.96 \\\text { 60) } & \text { canned green beans } & 0.54 & 0.69 & 0.46 \\\hline\end{array}$$ Identify the dependent (response) variable for this experiment.

• A) the prices of the grocery items
• B) the grocery items
• C) the supermarkets
• D) the mean prices of the grocery items at each supermarket

Understand the arguments for and against income inequality and the impact of government programs on income distribution.

Identify the effects of occupational segregation and discrimination on wages and the allocation of resources.

Explain the measures of income inequality, including the Gini ratio and the Lorenz curve.

Explore the factors contributing to growing income inequality in the United States.

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Definitions:

Installments

Regular payments made over a period of time to pay off a debt.

Stock Subscription Plan

A financing agreement allowing investors to subscribe to a new issue of stocks, often with payment and delivery at a later date.

Par Value

Par value is the nominal or face value of a bond, share of stock, or other financial instruments, as stated by the issuing company.

Installments

Payments made regularly over a set period of time to settle a debt or purchase, allowing the total cost to be spread out for ease of payment.