The Distribution of Home Prices in Nirvana Is Skewed to the Left

question 13

Multiple Choice

The distribution of home prices in Nirvana is skewed to the left. The median price is $167,900. The mean is:

• A) lower than $167,900.
• B) greater than $167,900.
• C) $167,900.
• D) unable to be determined with this information.

---

Definitions:

Personal Benefits

Advantages or gains that accrue directly to an individual as a result of an action or investment.

Public Choice Theory

A framework that applies economic principles to the analysis of political behavior, emphasizing the self-interest of voters, politicians, and bureaucrats.

Excise Tax

A tax imposed on specific goods, services, or activities, often included in the price of products like tobacco, alcohol, and gasoline.

Small Business

An independently owned and operated company that is limited in size and revenue depending on the industry.