Scores on Standardized Intelligence Tests Are Normally Distributed with a Mean

question 82

Multiple Choice

Scores on standardized intelligence tests are normally distributed with a mean of 100 and a standard deviation of 15.This means that

• A) 50% of the population scores between 70 and 100 on standardized intelligence tests.
• B) only 5% of the population scores higher than 130 or lower than 70 on standardized intelligence tests.
• C) only 5% of the population scores higher than 115 or lower than 85 on standardized intelligence tests.
• D) 95% of the population scores between 100 and 130 on standardized intelligence tests.

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Definitions:

Competitive Price-searcher Market

A market structure where companies have some control over the prices they charge but must also consider the prices set by their competitors.

Economic Profits

Profits calculated by deducting both the explicit and implicit costs from the total revenues, differing from accounting profits by considering opportunity costs.

Long-run Equilibrium

A state in an economy or market where all factors of production are fully employed, and supply equals demand, resulting in stable prices and output.

Competitive Price-searcher Market

A market where firms set their own prices due to product differentiation and search costs but still face competition from other firms.