For Any Normally Distributed Random Variable with Mean μ and Standard

question 95

Multiple Choice

For any normally distributed random variable with mean μ and standard deviation σ,the proportion of the observations that fall outside the interval [μ - σ,μ + σ] is closest to _____.

• A)0.0466
• B)0.3174
• C)0.8413
• D)0.1687

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Definitions:

Paradox of Voting

The situation where individual rationality does not lead to collective rationality, suggesting that the cost of voting outweighs the apparent benefits.

Median-Voter Model

A theoretical model suggesting that the outcome of majority rule voting systems will reflect the preferences of the median voter.

Law of Diminishing Marginal Utility

The principle that as a person increases consumption of a product, there is a decline in the marginal utility that person derives from consuming each additional unit.

Ability-To-Pay Principle

The idea that those who have greater income (or wealth) should pay a greater proportion of it as taxes than those who have less income (or wealth).