The Sum of the Product of Each Value of a Discrete

question 15

Multiple Choice

The sum of the product of each value of a discrete random variable X and its probability is referred to as its:

• A)probability distribution.
• B)expected value.
• C)variance.
• D)standard deviation.

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Definitions:

Unlimited Wants

The economic concept that human desires and needs are infinite and vary in intensity, contrasting with limited available resources.

Normative

In economics and philosophy, refers to statements or propositions that express values, ethics, or moral prescriptions, indicating how things ought to be.

Positive

Characterized by or indicating the presence or affirmative action of a feature, condition, or outcome.

Tax

A mandatory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.