The Professor of a Business Statistics Class Wanted to Find

question 88

True/False

The professor of a business statistics class wanted to find out the average amount of time per week her students spent studying for the class. Among the 50 students in her class, 20% were freshmen, 50% were sophomores and 30% were juniors. She decided to draw 2 students randomly from the freshmen, 5 randomly from the sophomores and 3 randomly from the juniors. This is an example of a systematic sample.

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Definitions:

Mad Money

Extra money reserved for spontaneous expenses or for small luxuries, often used more liberally.

Economic Booms

Periods of rapid economic growth and expansion, characterized by increased production, employment, and consumer spending.

Quantity of Money

The complete encompassment of monetary resources in an economy at a given time.

Cost of Living

An economic concept that estimates the amount needed to cover basic expenses in a particular place and time period.