(I Five Students Were Given a Page of Problems with the Instructions

question 46

Multiple Choice

(i. Five students were given a page of problems with the instructions to solve as many as they could in one hour. Five students solved the following number of problems: 12, 10, 8, 6 and 4. The arithmetic mean number of minutes required per problem is 7.5 minutes (average of 8 problems in an hour) . (ii) David Electronics had a profit of $10 million in 1998. Profit doubled from 1998 to 1999 and profit increased eight fold from 1999 to 2000. The annual geometric mean rate of growth from 1998 to 2000 was 300% (4 fold) .
(iii) The difference between the highest and the lowest value in a set of data is called the range.

• A) (i), (ii) and (iii) are all correct statements
• B) (i) and (ii) are correct statements but not (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:

Great Recession

A global economic downturn that occurred from late 2007 through 2009, marked by severe financial crises, including the collapse of the housing market in the United States.

Peak

The highest point between the end of an economic expansion and the start of a contraction in a business cycle.

Unemployment

The condition of being without a job while actively looking for employment and being willing to work.

Recession(s)

A short-term economic decline phase, characterized by a slowdown in trading and industrial activities, generally identified by two sequential quarters of GDP fall.