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JAMB Economics 2004 Question 40

Question 40

Tools of Economic Analysis

A large standard deviation is an indication of

  1. A.the size of the sample
  2. B.a wide spread around the mean
  3. C.a wide difference between the mean and the mode
  4. D.the difference between the highest and the lowest values
Show the answer and explanation

Answer: B (a wide spread around the mean)

Explanation

Standard deviation measures how far values are spread around the mean; a large value means a wide spread.