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JAMB Economics 2013 Question 4

Question 4

Tools of Economic Analysis

Which of the following set of statistical tools is used for further economic analysis?

  1. A.The median and standard deviation.
  2. B.The mean and mode.
  3. C.The mean and standard deviation.
  4. D.The mode and median.
Show the answer and explanation

Answer: C (The mean and standard deviation.)

Explanation

The mean and standard deviation use every value and can be handled algebraically, so they are used in further statistical work.