Which of the Following Statements Is True

question 123

Multiple Choice

Which of the following statements is true?

• A)When approximating the sample mean for grouped data we assume that the mid-point of each class closely approximates the mean of observations in the class.
• B)When approximating the sample mean for grouped data we cannot assume that the midpoint of each class closely approximates the mean of observations in the class.
• C)Descriptive measures for grouped data are not possible.
• D)None of these choices are correct.

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Definitions:

Real Wealth

The value of an individual's or entity's assets and resources, adjusted for inflation, reflecting the actual purchasing power over goods and services.

Aggregate Demand

The total demand for all goods and services within an economy at given price levels and in a given time period.

Short Run

A period during which at least one of a firm's inputs is fixed, only allowing the firm to vary some inputs while others remain unchanged.

Long Run

In economics, a period of time during which all factors of production and costs are variable, allowing full adjustment to any change in the market.