A) 766
B) 72

question 88

Multiple Choice

$$\begin{array}{l}\begin{array} { | l | l | l | } \hline \text { Grade } & \text { Class Boundaries } & \text { Frequency } \\\hline \mathrm { A } & 89.5 - 99.5 & 4 \\\hline \mathrm { B } & 79.5 - 89.5 & 7 \\\hline \mathrm { C } & 69.5 - 79.5 & 11 \\\hline \mathrm { D } & 59.5 - 69.5 & 3 \\\hline \mathrm { F } & 49.5 - 59.5 & 3 \\\hline\end{array}\\\text { For the table below, calculate the mean. }\end{array}$$

• A) 76.6
• B) 72.6
• C) 81.6
• D) 83.6

Define and distinguish between different economic terminologies and their applications.

Discuss the role of government intervention in correcting market failures.

Understand the difference between a centrally planned economy and a market economy.

Describe the principle of the "invisible hand" and its impact on market outcomes.

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Definitions:

Consumer Tastes

The preferences and inclinations of consumers which influence their buying behavior and choice of products.

Pollution Abatement

Measures or actions taken to reduce, control, or eliminate pollution from various sources in order to protect the environment.

Marginal Benefit

The heightened enjoyment or usefulness one receives by using an additional unit of any good or service.

Law of Diminishing Returns

A principle stating that as one factor of production is increased while others are held constant, the resulting addition to output will eventually decrease.