A Data Set Has Six Values: 10,12,21,26,26,and 26

question 6

Multiple Choice

A data set has six values: 10,12,21,26,26,and 26. What ranks would be assigned to 26?

• A)4,5,6
• B)4,4,4
• C)5,5,5
• D)5.5,5.5,5.5

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Definitions:

Negative Externalities

Economic activities that impose a negative effect on an unrelated third party, such as pollution from a factory affecting nearby residents.

Public Choice Economist

An economist who applies economic theories and methodologies to analyze and understand political behavior and decisions, particularly in the context of public policy and government actions.

Rent-Seeking Behavior

Actions by individuals or firms to obtain economic gains through manipulation or exploitation of the political or social environment, rather than through productive economic activity.

Comparative Advantage

The ability of a country, individual, company, or region to produce a good or service at a lower opportunity cost than its competitors, underpinning international trade theory.