Which of the Following Does a Percentile Rank and a Standard

question 151

Multiple Choice

Which of the following does a percentile rank and a standard score have in common?

• A)both reflect the relative position of a score in a set of scores
• B)both reflect only an ordinal measure of relative standing
• C)both reflect the mean and standard deviation of the entire group of scores
• D)all of these

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Definitions:

Equilibrium Outcome

A state in which market supply and demand balance each other, and, as a result, prices become stable.

Economic Rent

The excess payment made to a factor of production over and above what is needed to keep it in its current use, often due to unique circumstances.

Marginal Worker

An individual whose employment status is unstable or insecure, often at the fringes of the labor market.

Reservation Wage

The minimum wage at which an individual would be willing to accept for a particular job, below which they would choose not to work.