Individual and Business Decisions Are ______ by Economic Conditions And

question 3

Multiple Choice

Individual and business decisions are ______ by economic conditions and, in turn, economic conditions are ______ by their decisions.

• A) affected; not affected
• B) affected; affected
• C) not affected; not affected
• D) not affected; affected

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Definitions:

Tchebysheff's Theorem

A statistical theorem stating that for any distribution, the proportion of outcomes within k standard deviations from the mean is at least \(1-\frac{1}{k^2}\) for k > 1.

Empirical Rule

A statistical norm indicating that in a normal distribution, the vast majority of data points lie within a range of three standard deviations from the mean.

Tchebysheff's Theorem

A theorem that provides a minimum bound on the proportion of values that lie within a certain number of standard deviations from the mean for any distribution.

Empirical Rule

The rule in statistics where for any normal distribution, practically all of the data is expected to be within three standard deviations from the mean value.