A History Professor Gives a Quiz to His Class and Records

question 77

Multiple Choice

A history professor gives a quiz to his class and records the following scores: 13, 11, 11, 9, 12, 13, 16, 14, 11, 10, 8, 13, 20. The median for this distribution is _________.

• A) 12
• B) 11
• C) 13
• D) 16

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Definitions:

Consumer Sovereignty

The theory that consumer preferences determine the production of goods and services in an economy.

Willingness to Pay

The maximum amount an individual is ready to spend for a good or service, reflecting its perceived value.

Ability to Pay

A principle suggesting that the amount of tax an individual or entity should pay is based on the level of their economic resources or income.

Circular Flow Model

An economic model that depicts how money moves through the economy in a circular manner between producers and consumers, including various sectors like households, firms, government, and the foreign sector.