US Imports of Sugar Are Limited by an Import Quota

question 29

Multiple Choice

U.S. imports of sugar are limited by an import quota that, in 2006, imposed an average cost of ________ per consumer, which is an average of ________ per American job saved in the sugar industry.

• A) $7; $860,000
• B) $105; $56,000
• C) $2; $1.3 million
• D) $2; $22,000
• E) $370; $980

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Definitions:

Normal Curve

A symmetrical, bell-shaped distribution where most occurrences take place around the mean and probabilities for values taper off as they move away from the mean.

Standard Deviation

A statistic that measures the dispersion or variability of a dataset relative to its mean, used to quantify the amount of variation.

Mean

The average of a set of numbers, calculated by dividing the sum of these numbers by their quantity.

Normally Distributed Random Variable

A variable that follows a normal distribution, characterized by its bell-shaped curve, where its mean, median, and mode coincide.