A Common Rule of Thumb in Constructing a Relative Frequency

question 38

Multiple Choice

A common rule of thumb in constructing a relative frequency histogram is to use:

• A) less than 5 classes
• B) more than 10 classes
• C) between 5 and 12 classes
• D) any number of classes
• E) at least 10 classes

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Definitions:

Aggregate Supply

The cumulative supply of products and services planned for sale by firms in an economy within a specific time period.

Cyclical Unemployment

Unemployment caused by a downturn in the economic cycle, such as a recession, which reduces the demand for goods and services.

Structural Unemployment

Unemployment caused by a mismatch between workers' skills and the requirements of available jobs, often due to technological or economic changes.

Frictional Unemployment

The short-term unemployment that arises from the process of matching workers with jobs, often due to workers changing jobs or entering the workforce.