What Type of Rates Are Used to Standardize (Or Normalize)

question 29

Multiple Choice

What type of rates are used to standardize (or normalize) a population that has a skewed distribution of its population?

• A) Crude rates
• B) Confounding rates
• C) Specific rates
• D) Adjusted rates

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Definitions:

Producer Surplus

The discrepancy between the price at which sellers are prepared to offer a product and the actual selling price they obtain.

Market Failure

The failure of a market to be efficient; when the individual pursuit of self-interest leads to bad results for society as a whole.

Market Power

The ability of a producer to raise prices.

Externalities

External benefits and external costs.