I an Outlier Is a Value in a Data Set

question 37

Multiple Choice

i. An outlier is a value in a data set that is inconsistent with the rest of the data.
ii. The interquartile range is the difference between the values of the first and third quartile,
Indicating the range of the middle fifty percent of the observations.
iii. A student scored in the 85 percentile on a standardized test. This means that the student scored
Lower than 85% of the rest of the students taking the test.

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

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Definitions:

Money Income

The total amount of monetary earnings received by an individual or household, including wages, salaries, benefits, and income from investments.

Product Prices

The financial cost at which goods or services are offered to consumers in the market.

Budget Line

A graphical depiction of all possible combinations of two goods that a consumer can afford given their income and the prices of the goods.

Money Income

The total amount of monetary earnings received by an individual or household, including wages, salaries, and investment returns.