Use the Following Information to Answer the Following Questions

question 48

Multiple Choice

Use the following information to answer the following Questions:
Below are the ages of 15 students in a college class.
27, 50, 33, 25, 86, 25, 85, 31, 37, 44, 20, 36, 59, 34, 28
-What is the mean age?

• A) 34
• B) 31
• C) 41.3
• D) 20.6

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Definitions:

Purchasing Power

The ability of an individual or entity to buy goods and services, essentially reflecting the amount of goods or services that one unit of currency can buy.

Nominal Wage

The wage measured in dollars of the year in question; the dollar amount on a paycheck.

Disposable Income

The sum of money households can use for expenditure and savings once income taxes are deducted.

Deflation

An economic condition characterized by a general decline in prices, often resulting in decreased consumer spending and increased unemployment.