Determine the Variance of the Following Sample of Survey Data

question 31

Multiple Choice

Determine the variance of the following sample of survey data: 2, 1, 3, 3, 4

• A) 1.04
• B) 1.02
• C) 1.30
• D) 1.14

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Definitions:

Gas Prices

represent the cost per unit volume of gasoline, a widely monitored economic indicator due to its implications on consumer spending and economic health.

Price Mechanism

The method through which supply and demand dynamics set the prices for goods and services within a market-driven economy.

Five-Year Plan

Typically a government plan for economic development over a five-year period, aimed at achieving specified goals in sectors like industry, agriculture, and technology.

Fascist Economies

Economic systems under fascist regimes characterized by strong governmental control over private sector activities, often involving significant collaboration between the state and large businesses.