Provide an Appropriate Response

question 59

Multiple Choice

Provide an appropriate response.
-The mean score of a placement exam for entrance into a math class is 80, with a standard deviation of 10. Use the Empirical Rule to find the percentage of scores that lie between 60 and 80. (Assume the data set has a
Bell-shaped distribution.)

• A)47.5%
• B)68%
• C)34%
• D)95%

Understand the distinctions between market and command economies, including their impacts on economic outcomes.

Analyze the influence of government and political hierarchy in different economic systems.

Describe the management and assessment of business risks within market systems.

Acknowledge the essential characteristics and benefits of private property rights in promoting economic activity.

---

Definitions:

Indifference Curve

A graph that represents different bundles of goods among which a consumer is indifferent, showing levels of consumption where the consumer has no preference for one combination over another.

Apples And Bananas

Commonly used examples in economics to represent two different goods in various economic models and theories.

Utility Function

A mathematical representation of how a set of goods and services are ranked according to their utility, or satisfaction, to the consumer.

Preferences

The individual choices or tastes regarding various bundles of goods, shaping demand and consumption patterns in economics.