Use the following table to answer questions and ll]. The number of hot dogs sold by 12 randomly selected hot dogs vendors in Central Park on July 4 is as follows: 142 97 105 76 90 83 123 115 92 94 73 104 9. The mean of the sample data is: (a) 123. (b) 99.5. (c) 83. (d) None of the above. 10. Which of the following statements is incorrect? (a) The mode of the sample data is 123. (b) The mean of the sample data is 83. (c) The median of the sample data is 115. (d) All of the above are incorrect 11. Studying how the management of US Steel, a large steel-producing company, decides how many tons of steel to produce and the price to charge for its steel would be considered (a) descriptive economics. (b) empirical economics. (c) microeconomics. (d) macroeconomics. 12. Studying how Bob's firm decides to produce one more unit of output is an example of (a) descriptive economics. (b) industrial organization. (c) macroeconomics. (d) microeconomics. 13. focuses on the prices of individual goods and services and focuses on the rate of inflation. (a) Microeconomics; macroeconomics (b) Macroeconomics; microeconomics 5 (c) Microeconomics; microeconomics (d) Macroeconomics; macroeconomics 14. Suppose you must decide whether to spend your last study hour of the day studying either economics or history. You are dealing with the concept of (a) absolute advantage. (b) comparative advantage. (c) opportunity cost. (d) Specialization and exchange 15. In the command economy of the former Soviet Union: (a) economic decisions were decentralized. ) the means of production were owned by the state. (c) economic incentives were lacking or grossly distorted. (d) b and c are correct. (e) All of the above are correct.16. When economic decisions are made partly by government and partly by market forces, the system is called a: (a) subterranean economy. (b) mixed economy. (c) market economy. (d) command economy. 17. In a market economy, the decisions regarding allocation of resources is made by (a) automatic forces of supply and demand. (h) authorities in Washington DC (c) planners in state capitals. (d) committees from a variety of economic interest groups. 18. The market system provides a way (a) to allow specialization and exchange to work in tandem. (b) to improve the wellb eing of mankind. (c) to allocate good and services. (d) All of the above are correct. 19. The market system solves the (a) \"what\" and \"how\" decisions but not the \"to whom\". (b) \"what\" and \"to whom" decisions but not the \"the how\". (c) \"how\" and \"to whom" decisions but not the \"what". (d) \"what\

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9 The mean of the sample data is To find the mean sum all the values and divide by the number of values Mean 142 97 105 76 90 83 123 115 92 94 73 104 12 textMean frac142 97 105 76 90 83 123 115 92 94 ... View the full answer