A Panel of 50 Economists Was Asked to Predict the Average

question 69

Multiple Choice

A panel of 50 economists was asked to predict the average prime interest rate for the upcoming year. The results of the survey follow: Based on this survey, what does the panel expect the average prime interest rate to be next year?

• A) E = 5.154
• B) E = 5.374
• C) E = 4.104
• D) E = 5.724

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Definitions:

Symbols

Objects, signs, or expressions that represent something else by association, resemblance, or convention, especially material objects used to represent abstract ideas.

Personal Fable

a cognitive distortion experienced by adolescents, believing that their thoughts, feelings, and experiences are unique and not understood by others.

Adolescent Egocentrism

A characteristic of adolescent thinking that leads to an over-focus on oneself, often resulting in feelings of uniqueness and invulnerability.

Mathematical Ability

The capacity to understand, apply, and manipulate mathematical concepts, operations, and puzzles.