Data on the Amount of Money Made in a Year

question 78

Multiple Choice

Data on the amount of money made in a year by 1000 families in a small town were collected.
You want to know the difference in the amount of money made in that year by the middle 50% of
The 1,000 families.Which of the following would you compute?

• A) Arithmetic mean.
• B) Median.
• C) Interquartile Range.
• D) Coefficient of correlation.

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Definitions:

Goods or Services

The outcome of business activities which can be either physical products (goods) or intangible offerings (services) provided to customers.

Process

A series of actions or steps taken in order to achieve a particular end.

Specific Sequence

An exact order in which related events or processes occur.

Inputs and Outputs

In a system or process, inputs are the resources used, while outputs are the products or services generated.