Calculate the Range of the Following Data Set: 8, 7

question 151

Multiple Choice

Calculate the range of the following data set: 8, 7, 9, 1, 6, 10, 4, 7, 4

• A)1
• B)10
• C)11
• D)9

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Definitions:

Gross Domestic Product

The total value of all goods and services produced within a country over a specific time period, serving as a broad measure of economic activity.

Marginal Propensity

The fraction of an additional amount of income that is spent on consumption. This is a key factor in determining the impact of an income change on the economy.

Aggregate Expenditures

The total amount of spending on goods and services in an economy at a given overall price level and in a given time period.

Spending Multiplier

the ratio of the change in total national income to the initial change in spending that brought it about, illustrating how initial spending leads to increased total spending in an economy.