I If We Measure the Weight of an Eggnog Carton

question 83

Multiple Choice

i. If we measure the weight of an eggnog carton, the variable is referred to as being a discrete random variable. ii. If we toss two coins and count the number of heads, there could be 0, 1, or 2 heads. Since the exact number of heads resulting from this experiment is due to chance, the number of heads appearing is a random variable.
iii. A random variable may be either discrete or continuous.

• A) (i), (ii), and (iii) are all correct statements.
• B) (i) is a correct statement but not (ii) or (iii).
• C) (i) and (iii) are correct statements but not (ii).
• D) (ii) and (iii) are correct statements but not (i).
• E) (i), (ii), and (iii) are all false statements.

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Definitions:

Marginal Productivity Theory

A principle stating that the wage paid to a factor of production, such as labor, will equal the additional output or marginal product that the factor produces.

Marginal Productivity Theory

An economic theory that suggests the value of a good or service is determined by the productive resources involved in its production, emphasizing the contribution of each unit of labor or capital.

Income Distribution

Refers to the way in which total income is shared among the members of a society.

Government Subsidy

A financial contribution provided by the government to individuals, businesses, or other organizations, aimed to support or stimulate economic activity.