When Data Are Normally Distributed, Approximately of the Values Are

question 151

Short Answer

When data are normally distributed, approximately of the values are within 1 standard
deviation of the mean, approximately are within 2 standard deviations of the mean, and
approximately are within 3 standard deviations of the mean.

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Definitions:

Average Price Level

A measure of the overall level of prices of goods and services in an economy over a period of time.

Imports and Exports

Transactions involving the buying (imports) and selling (exports) of goods and services between countries.

Interest Rate Effect

The impact that changing interest rates have on consumer spending and business investments in an economy, generally influencing economic activity.

Price Level

The mean value of prices for the full range of goods and services in the economy.