(I the Mean of a Normal Probability Distribution Is 60

question 114

Multiple Choice

(i. The mean of a normal probability distribution is 60 and the standard deviation is 5. 95.44 percent
Of observations lie between 50 and 70.
(ii. A z-value of -2.00 indicates that corresponding X value lies to the left of the mean.
(iii) One of the properties of the normal curve is that it gets closer to the horizontal axis, but never
Touches it. This property of the normal curve is called asymptotic.

• A) (i), (ii), and (iii) are all correct statements.
• B) (i) is a correct statement but not (ii) or (iii).
• C) (i) and (iii) are correct statements but not (ii).
• D) (i) and (ii) are correct statements but not (iii).
• E) (ii) and (iii) are correct statements but not (i).

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Definitions:

Services

Intangible products provided to consumers, including healthcare, education, banking, and entertainment, distinct from physical goods.

Savings Function

A mathematical expression that depicts how savings vary with changes in income, usually stating that savings are a function of disposable income.

Induced Consumption

The portion of consumer spending that varies with changes in disposable income, suggesting that as people earn more, they spend more.

Autonomous Consumption

The level of consumption that occurs when income is zero, reflecting the basic level of consumption that does not vary with disposable income.