For Questions Use the Following Narrative

question 28

Essay

For Questions use the following narrative
Narrative: Pick 3 lottery
The Kansas Pick 3 Lottery results through 3/15/97 are shown in the table below.In this game, three numbers are drawn each week, and numbers can be repeated (such as 2, 3, 3).

-{Pick 3 lottery narrative} Using the number of times each number was drawn, display the data in a bar graph that looks as though the number 1 was chosen much less often, and number 2 much more often, than the other numbers.(This will be a misleading graph.) Explain why the lottery chose to display their data in a similar way in their newsletter.

---

Definitions:

Economic Growth

An increase in the production of goods and services in an economy over a period of time, usually measured by GDP.

Money Supply

The total amount of money available in an economy at a specific time, including cash, coins, and balances held in checking and savings accounts.

Aggregate Supply

The total supply of goods and services that firms in an economy are willing and able to sell at a given overall price level in a specified time period.

Classical Economists

Economists from the 18th and 19th centuries who focused on developing theories about the functioning of markets and economies.