Which of the Following Is the Easiest to Compute

question 132

Multiple Choice

Which of the following is the easiest to compute?

• A)The arithmetic mean.
• B)The median.
• C)The mode.
• D)The geometric mean.

Grasp the impact of economic models on the understanding and implementation of economic policy.

Recognize the significance of assumptions in constructing economic models and their effects on the models' conclusions.

Identify the law of increasing opportunity cost and its graphical representation in the PPF.

Understand how different factors of production are not equally suited for producing all types of goods and the implications of this for the economy.

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Definitions:

Consumption Component

The part of an economy's output that is directly related to the spending on goods and services by consumers.

U.S. GDP

The total market value of all final goods and services produced within the United States in a given period, and it's a measure of the economic output and health of the U.S. economy.

American Doctor

A medical professional who has earned the Doctor of Medicine (MD) or Doctor of Osteopathic Medicine (DO) degree in the United States.

Consumption Component

The part of gross domestic product (GDP) that includes spending by households on goods and services, excluding purchases of new housing.