Two Independent Sets of Data Are Collected, One with 16

question 12

Multiple Choice

Two independent sets of data are collected, one with 16 subjects and one with 26 subjects. Mr. X is in the first set of data and has a value of 67. In the first set of data, 5 values are higher than 67 and 10 values
Are lower (with Mr. X being the other data value) . In the second set, 9 values are higher than 67 and 17
Values are lower. What is the rank of Mr. X?

• A) 13
• B) 14
• C) 27
• D) 28

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Definitions:

Budget Line

A graphical representation of all possible combinations of two goods that can be purchased with a given budget, given the prices of the goods.

Money Income

The total earnings received by an individual or household, including wages, salaries, and other income forms, usually before taxes.

Budget Line

A graphical representation of all possible combinations of two goods that can be purchased with a given income and prices.

Good X

generally refers to an unspecified product or commodity in economic models or discussions.