A Population Has a Mean of 606 and a Standard

question 29

Multiple Choice

A population has a mean of 606 and a standard deviation of 23. For a sample of N = 500, what is the population standard error of the mean ?

• A) .10
• B) 1.02
• C) 1.03
• D) 1.1

---

Definitions:

Deadweight Loss

An economic inefficiency resulting from a market not reaching equilibrium, where potential gains from trade are not fully realized.

Demand

It represents the quantity of a good or service that consumers are willing and able to purchase at various prices.

Supply

The total amount of a product or service that is available to consumers.

Elastic

Describes a situation where the demand for a good or service significantly changes in response to a change in price.