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

A. the median and standard deviation
B. the mean and mode
C. the mean and standard deviation
D. the mode and median

Correct Answer:

Option B – the mean and mode

Explanation

The mean is useful for predicting future results when there are no extreme values in the data set. Standard deviation is a number used to tell how measurements for a group are spread out from the average (mean), or expected value