Which of the Following Statements Is True

question 14

Multiple Choice

Which of the following statements is true?

• A)There are more farms today than at the beginning of the 20th century.
• B)An individual farmer prefers good weather to bad weather,but farmers as a group may prefer bad weather to good weather,especially if the demand for their products is inelastic.
• C)Income elasticity of demand measures the responsiveness of a change in quantity supplied to changes in income.
• D)a and b
• E)b and c

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Definitions:

Standard Deviation

An index to assess the range of fluctuation or deviation in a series of numbers.

Daily Sales

The total revenue or units sold by a business during a single day.

Teleprocessing Transactions

Transactions carried out over a telecommunications network, commonly involving data exchange between computers.

Normal Distribution

A symmetric distribution regarding probabilities, centered on the mean, where data points close to the mean are more recurrent than distant ones.