Howard Scored in the 55th Percentile Rank on an Exam

question 36

Multiple Choice

Howard scored in the 55th percentile rank on an exam. If 400 students took the exam, how many
Students scored lower than Howard?

• A)220
• B)222
• C)221
• D)219

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Definitions:

Wage Rate

The amount of money paid to a worker per unit of time, usually expressed per hour or year.

Supply Curve

A graphical representation showing the quantity of goods that producers are willing and able to sell at different prices.

Market for Labor

The economic marketplace where employers find workers and workers find jobs.

Backward-Bending

Referring to the labor supply curve, it describes the scenario where an increase in wage rates leads to a decrease in the hours worked due to an increase in income effect over substitution effect.