Provide an Appropriate Response

question 13

Multiple Choice

Provide an appropriate response.
-Eleven high school teachers were asked to give the number of students in their classes. The sample data follows. Would any of the class sizes be considered an outlier? Answer Yes or No.
36, 31, 30, 31, 20, 19, 24, 34, 21, 28, 24

• A) No
• B) Yes

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Definitions:

Reserve Ratio

The fraction of depositors' balances banks must have on hand as cash, a regulatory requirement determined by central banks to ensure the stability and liquidity of the banking system.

Monetary Policy

The process by which a central bank controls the supply of money in the economy, primarily through interest rates.

Federal Reserve District Banks

The 12 regional banks in the Federal Reserve System, each serving a specific geographic area of the United States, responsible for implementing the country's monetary policies.

Recessions

A phase of limited economic decrease, with trade and industry activity lowering, usually identified by a decrease in GDP in two adjacent quarters.