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:

Absolute Advantage

A condition in which a country, individual, or firm can produce a good or service at a lower cost per unit than competitors.

Specialization

Focusing on a narrow area of expertise or production, often leading to increased efficiency and productivity in that area.

Current Assets

Assets on a company's balance sheet that are expected to be converted into cash, sold, or consumed within a year or the business's operating cycle, whichever is longer.

Current Liabilities

Short-term financial obligations that are due within one year, indicating the amount a company owes its creditors and others.