Inglehart (1990) Presented Data on the Mean Satisfaction with Life

question 6

Multiple Choice

Inglehart (1990) presented data on the mean Satisfaction with Life scores for 24 developed countries. These data follow:

A histogram of these data would be
​

• A) reasonably symmetric.
• B) positively skewed.
• C) very bimodal.
• D) impossible to draw.

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Definitions:

Elastic

Describes a situation in which the demand for a good or service significantly changes in response to changes in price.

Elastic

Describes a situation where the demand for a product or service significantly changes in response to a change in its price.

Price Elastic

Relating to the responsiveness of the demand or supply of a good or service to changes in its price.

Price Elasticity

A measure of the responsiveness of the quantity demanded or supplied of a good or service to a change in its price.