Professor Elderman Has Given the Same Multiple Choice Final Exam

question 50

Multiple Choice

Professor Elderman has given the same multiple choice final exam in his Principles of Microeconomics class for many years.After examining his records from the past 10 years,he finds that the scores have a mean of 76 and a standard deviation of 12. Refer to Exhibit 7-4.What is the probability that a class of 15 students will have a class average greater than 70 on Professor Elderman's final exam?

• A)0.0262
• B)0.6915
• C)0.9738
• D)Cannot be determineD.

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Definitions:

Comparative Advantage

The ability of an individual, company, or country to produce a good or service at a lower opportunity cost than competitors.

Labor-Intensive

A term describing a process or industry that requires a large amount of labor to produce its goods or services as compared to the amount of capital required.

Comparative Advantage

The capacity of a being to generate a product or offer a service at a reduced opportunity cost in comparison to another.

Cars

motor vehicles with wheels designed primarily for the transport of people rather than goods.