If the Random Variable, X, Is Normally Distributed, 68

question 71

True/False

If the random variable, x, is normally distributed, 68.26 percent of all possible observed values of x will be within two standard deviations of the mean.

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Definitions:

Physical Capital

Refers to tangible assets used in the production of goods and services, such as machinery, buildings, and tools.

Productivity

The measure of the efficiency of production, often defined as the ratio of output to inputs in the production process.

Constant Returns To Scale

A situation in production where an increase in the input of resources leads to a proportionate increase in output, resulting in no change in average costs.

Production Function

The relationship between the quantity of inputs used to make a good and the quantity of output of that good.