How Is the Range of a Continuous Variable Calculated

question 46

Multiple Choice

How is the range of a continuous variable calculated?

• A) largest minus smallest value plus one
• B) largest minus smallest value
• C) largest minus smallest value minus one
• D) largest value of the variable minus one

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Definitions:

Income Distribution

How a nation’s total GDP is distributed amongst its population, influencing economic inequality.

Marginal Utility

The added satisfaction a consumer gains from consuming one more unit of a good or service.

Poverty

A condition where individuals or communities lack the financial resources to meet basic needs such as food, shelter, and healthcare.

Labor-Force Experience

The accumulated skills, knowledge, and expertise that individuals gain from participating in the workforce over time.