Determine the Median for the Following Survey Data: 2, 4

question 9

Multiple Choice

Determine the median for the following survey data: 2, 4, 5, 5, 4, 4, 2, 2, 3, 3

• A) 2.5
• B) 3
• C) 3.5
• D) 4

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Definitions:

Tariff

A tax imposed by a government on imported or exported goods, often used to protect domestic industries or to generate revenue.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and the actual price they pay.

Comparative Advantage

Comparative advantage is the ability of an individual, company, or country to produce a good or service at a lower opportunity cost than competitors, underpinning international trade theory.

International Trade

The exchange of goods, services, and capital across international borders, driven by the concept of comparative advantage.