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Suppose you are an advisor to the Business Cycle Dating Committee.You are asked to look at macroeconomic data to evaluate whether the economy has entered a recession this year.Which data do you look at? How does the economy behave at the onset of a recession?
Normal Curve
A symmetrical, bell-shaped curve representing the distribution of a set of data where most measurements are close to the average.
Symmetry
The property of being made up of exactly similar parts facing each other or around an axis; often evaluated in statistical data sets.
Normal Distribution
A symmetrical, bell-shaped distribution of data wherein most observations cluster around the central peak and probabilities for values taper off equally in both directions.
Mean
The arithmetic average of a set of values, calculated by summing all the values and then dividing by the number of values.
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