Use the Consumer Price Index Below to Answer the Question

question 119

Multiple Choice

Use the Consumer Price Index below to answer the question. $$\begin{array}{l}\text { Average Annual Consumer Price Index (1982-1984 = 100) }\\\begin{array} { c | c | c | c | c | c } \text { Year } & \text { CPI } & \text { Year } & \text { CPI } & \text { Year } & \text { CPI } \\\hline 1986 & 109.6 & 1995 & 152.4 & 2004 & 188.9 \\1987 & 113.6 & 1996 & 156.9 & 2005 & 195.3 \\1988 & 118.3 & 1997 & 160.5 & 2006 & 201.6 \\1989 & 124.0 & 1998 & 163.0 & 2007 & 207.3 \\1990 & 130.7 & 1999 & 166.6 & 2008 & 215.3 \\1991 & 136.2 & 2000 & 172.2 & 2009 & 214.5 \\1992 & 140.3 & 2001 & 177.1 & 2010 & 218.1 \\1993 & 144.5 & 2002 & 179.9 & 2011 & 224.9 \\1994 & 148.2 & 2003 & 184.0 & 2012 & 229.6\end{array}\end{array}$$
-In 1991, the federal minimum hourly wage was $3.5. Convert this to 2000 dollars.

• A)$4.55
• B)$2.86
• C)$4.43
• D)$2.77

Recognize the coefficient of variation as a vital measure of variability, especially in comparing data sets with vastly different means.

Understand the concept of standard deviation and its significance as a measure of dispersion that takes into account all data points.

Know that the standard deviation shares the same units as the original data set, reinforcing its direct relevance and applicability.

Comprehend the Empirical Rule and its implications for data within one, two, and three standard deviations from the mean in a normal distribution.

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Definitions:

Destructive

Causing great and irreparable harm or damage.

Defense Mechanisms

Psychological strategies used by individuals unconsciously to protect themselves from anxiety arising from unacceptable thoughts or feelings.

Repression

A defense mechanism in psychoanalytic theory where distressing thoughts and memories are unconsciously pushed out of conscious awareness.

Displacement

A defense mechanism where the mind substitutes either a new aim or a new object for goals felt in their original form to be dangerous or unacceptable.