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An observed frequency distribution of exam scores is as follows:
i) Assuming a normal distribution with and , find the probability of a randomly selected subject belonging to each class. (Use boundaries of .)
ii) Using the probabilities found in part (i), find the expected frequency for each category.
iii) Use a significance level to test the claim that the exam scores were randomly selected from a normally distributed population with and .
Double Coincidence of Wants
A situation in barter economies where two parties each hold an item the other wants, making it possible for them to exchange these items directly.
100-percent-reserve Banking
A banking system in which banks are required to keep 100% of their deposits available as reserves, thus eliminating the possibility of bank runs.
Money Supply
The collective sum of money assets in an economy at a certain timeframe.
Standard of Living
The degree of prosperity, convenience, material possessions, and essential needs accessible to a specific social or economic group or particular location.
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