A Sample of the Monthly Amounts Spent for Food by Families

question 90

Multiple Choice

A sample of the monthly amounts spent for food by families of four receiving food stamps approximates a symmetrical distribution. The sample mean is $150 and the standard deviation is $20. Using the Empirical Rule, about 95 percent of the monthly food expenditures are between what two amounts?

• A) $100 and $200
• B) $85 and $105
• C) $205 and $220
• D) $110 and $190

Recognizing the impact of mood on decision-making and its potential to influence the quality of decisions.

Identifying factors contributing to poor and risky decision-making in both individual and group contexts.

Understanding the phenomena of diffusion of responsibility and how it affects decision-making in groups.

Distinguishing between individual and group decision-making, including their advantages and disadvantages.

---

Definitions:

Marginal Products

The additional output obtained by employing one more unit of a certain input while keeping other inputs constant.

Separating Equilibrium

A concept in game theory where different types of participants (players) choose different strategies, revealing their type in the process.

Pooling Equilibrium

An outcome where market participants with different characteristics choose indistinguishable actions, making it impossible to differentiate between them based on their choices.

Microeconomics

The branch of economics that studies individual agents and markets, their interactions, and the outcomes of these interactions.