The Scores of Students on a Standardized Test Are Normally

question 23

Multiple Choice

The scores of students on a standardized test are Normally distributed with a mean of 300 and a standard deviation of 40. Using the fact that the middle 50% of the data falls within 0.67 standard deviations from the mean, find the probability that a randomly chosen student scores below 273.2 on the test.

• A) 0.025
• B) 0.25
• C) 0.165
• D) 0.125

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Definitions:

Absolute Advantage

A condition in which a country, individual, or company can produce a good or service at a lower cost per unit than competitors can.

Comparative Advantage

The ability of a country, individual, or company to produce a good or service at a lower opportunity cost compared to others.

Trade

The act of buying, selling, or exchanging goods and services between people or countries.

Market Failure

Situation in which an unregulated competitive market is inefficient because prices fail to provide proper signals to consumers and producers.