According to a Survey of the Top 10 Employers in a Major

question 127

Multiple Choice

According to a survey of the top 10 employers in a major city, a worker spends an average of 413 minutes a day on the job. Suppose the standard deviation is 26.8 minutes and the time spent is approximately a normal distribution.
-According to Chebyshev's Theorem,at least what percentage of measurements in a data set will be within 1.6 standard deviations of the mean?

• A)39%
• B)58%
• C)68%
• D)61%
• E)92%

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Definitions:

Supply and Demand

Fundamental economic model that explains how the interaction between the quantity of a good or service available (supply) and the desire for it (demand) determines its price.

Consumers

Individuals or entities that purchase goods and services for personal use or consumption.

External Costs

Costs incurred as a result of an economic activity that affects third parties who did not choose to incur that cost.

Free Enterprise

An economic system where private businesses operate in competition, largely free of state control, with the prices of goods and services determined by the open market.