Johnny, Age Six Years, Earns an Age Equivalent of 7-2

question 44

Multiple Choice

Johnny, age six years, earns an age equivalent of 7-2 on an intelligence test. The appropriate statement to make based on this information is that

• A) Johnny earned the same number of raw-score points as the average of children 7 years, 2 months of age.
• B) Johnny has an IQ above 130.
• C) Johnny is below the median of children 6-0.
• D) Johnny thinks the way a 7-year-2-month-old thinks.

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Definitions:

Economic Profits

The discrepancy between a corporation's total earnings and all of its costs, covering both overt and hidden expenses.

Competitive Market

A market structure characterized by a large number of sellers and buyers, where no single entity can dictate prices or market conditions.

Market Price

The current price at which a good or service can be bought or sold in a given market.

Economic Profits

Profits calculated by subtracting both explicit and implicit costs from total revenues, representing the additional income earned over and above the opportunity costs.