In Order to Compute the Mean and Standard Deviation, the Level

question 67

Multiple Choice

In order to compute the mean and standard deviation, the level of data measurement should be:

• A) ratio or interval.
• B) qualitative.
• C) nominal.
• D) ordinal.

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Definitions:

Probability

A measure of the likelihood that an event will occur, expressed as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.

Marginal Utility Curve

A graphical representation showing how marginal utility depends on the quantity of the good or service consumed.

Risk Aversion

The tendency of individuals to prefer outcomes that are certain or less risky over outcomes that are uncertain, even if the uncertain outcomes might offer a greater expected return.

Income

The money received, especially on a regular basis, for work or through investments.