Using This Set of Numbers, 2, 2, 4, 6, 9

question 16

Multiple Choice

Using this set of numbers, 2, 2, 4, 6, 9, 11, 14, 18, 21, 33, what is the mode?

• A) 2
• B) 9
• C) 14
• D) 31

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Definitions:

Fair Insurance Policy

An insurance policy characterized by equitable premiums, coverage, and terms that are just and reasonable for both the insurer and the insured.

Expected Utility

A theory in economics that predicts how individuals make choices under conditions of uncertainty to maximize their satisfaction.

Probability

A measure of the likelihood that a certain event will occur, often expressed as a number between 0 and 1.

Risk-averse

The tendency of individuals to prefer certainty over uncertainty, valuing predictable outcomes over those that are uncertain.