The Average Time a Subscriber Spends Reading the Local Newspaper

question 75

Multiple Choice

The average time a subscriber spends reading the local newspaper is 49 minutes.Assume the standard deviation is 16 minutes and that the times are normally distributed.For the 10 percent who spend the most time reading the paper,how much time do they spend?

• A)11.72
• B)28.52
• C)86.28
• D)69.48

---

Definitions:

Price Level

A measure of the average of current prices across the entire spectrum of goods and services produced in the economy, often used to analyze inflation.

Classical Model

An economic theory that emphasizes the role of free markets in regulating economic activity and suggests that markets naturally move towards full employment.

Prices and Wages

The amount of money required to purchase goods and services, and the payments made to workers for their labor, respectively.

Long-Run Aggregate Supply Curve

This curve represents the total output of goods and services that an economy can produce when it is most efficiently using all of its resources, unaffected by short-term fluctuations in demand.