Refer to the Information in the Following Table When Answering $\quad$

question 82

Multiple Choice

Refer to the information in the following table when answering questions 18 to 26:
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Annual Family Income and Education }$
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Statistics for Three Neighborhoods }$


$\begin{array}{l|llllll}&\text { GLENBROOK}&&\text {MEADOWBROOK}&&\text { ELMBROOK}\\&\text { Income }&\text { Education }&\text { Income }&\text { Education }&\text { Income }&\text { Education }&\\\hline\text {Mean}&\$ 78,000 & 17 \text { Years } & \$ 28,000 & 15 \text { Years } & \$ 16,000 & 11 \text { Years } \\\text {Median}&\$ 27,000 & 18 & \$ 28,000 & 16 & \$ 18,000 & 11 \\\text {Mode}&\$ 26,000 & 20 & \$ 28,000 & 11 & \$ 12,000 & 11 \\\text {Stand Dev.}&\$ 8,000 & 3 & \$ 2,000 & 6 & \$ 3,000 & 1.0\\\text {(N) }&(300) &&(300) &&(300) \end{array}$

$\quad$$\quad$$\quad$$\quad$$\text { * } 4 \text { yrs college }=16 \text { yrs; masters } / \text { law degrees }=18 \mathrm{yrs} ; \mathrm{PhD} / \mathrm{MD} \text { degrees }=20 \mathrm{yrs} \text {. }$
-Which neighbourhood(s) has an income distribution resembling a normal curve? $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Annual Family Income and Education }$
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\text { Statistics for Three Neighborhoods }$


$\begin{array}{l|llllll}&\text { GLENBROOK}&&\text {MEADOWBROOK}&&\text { ELMBROOK}\\&\text { Income }&\text { Education }&\text { Income }&\text { Education }&\text { Income }&\text { Education }&\\\hline\text {Mean}&\$ 78,000 & 17 \text { Years } & \$ 28,000 & 15 \text { Years } & \$ 16,000 & 11 \text { Years } \\\text {Median}&\$ 27,000 & 18 & \$ 28,000 & 16 & \$ 18,000 & 11 \\\text {Mode}&\$ 26,000 & 20 & \$ 28,000 & 11 & \$ 12,000 & 11 \\\text {Stand Dev.}&\$ 8,000 & 3 & \$ 2,000 & 6 & \$ 3,000 & 1.0\\\text {(N) }&(300) &&(300) &&(300) \end{array}$

$\quad$$\quad$$\quad$$\quad$$\text { * } 4 \text { yrs college }=16 \text { yrs; masters } / \text { law degrees }=18 \mathrm{yrs} ; \mathrm{PhD} / \mathrm{MD} \text { degrees }=20 \mathrm{yrs} \text {. }$

• A) Glenbrook
• B) Meadowbrook
• C) Elmbrook
• D) Glenbrook and Elmbrook
• E) Meadowbrook and Elmbrook

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Definitions:

Market

Any structured exchange where buyers and sellers interact to trade goods, services, or information.

Price

The capital amount projected, necessary, or handed over in trade for something.

Deadweight Loss

The loss in social surplus that occurs when a market is not in efficient equilibrium, often due to externalities, taxes, or subsidies.

Underproduction

Refers to the situation in which a country's or firm's output is less than its productive capacity, often leading to shortages and economic inefficiency.