A large standard deviation is an indication of
The size of the sample
A wide spread around the mean
A wide difference between the mean and the mode
The difference between the highest and the lowest values
Correct answer is B
Standard deviation is a number used to tell how measurements for a group are spread out from the average (mean), or expected value.
A high standard deviation indicates that the data points are spread out over a large range of values.
One of the assumptions of ordinal utility in consumer behaviour is that
Consumers are irrational
Marginal utility rises continuously
Utility is measurable
Utility can only be ranked
Correct answer is D
No explanation has been provided for this answer.
In any set of data, median represents the
Value that is most representative of the data
Mid-position when the values are arranged in ascending or descending order
Mid-position when the values are arranged randomly
Difference between the highest and the lowest values when arranged in ascending order
Correct answer is B
No explanation has been provided for this answer.
In order to increase revenue, the seller of a commodity whose demand is fairly elastic is advised to
Increase price
Reduce output
Reduce price
Retain price
Correct answer is C
No explanation has been provided for this answer.
A change in demand for a normal good means
A shift in the demand curve
A change in the price changes
A movement along a given demand curve
A change in the price elasticity
Correct answer is A
No explanation has been provided for this answer.