An Experiment Was Conducted to Determine the Effectiveness of a Method

question 113

Multiple Choice

An experiment was conducted to determine the effectiveness of a method designed to remove oil wastes found in soil. Three contaminated soil samples were treated. After 95 days, the percentage of contamination removed from each soil sample was measured, with a mean of 49.3 percent and a standard deviation of 1.5 percent. If we wished to narrow the boundary around μ for a 98 percent confidence interval to within .5 percent, how many soil samples should be in our experiment?

• A) 437
• B) 33
• C) 9
• D) 6
• E) 3

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Definitions:

Short-Run Aggregate Supply Curve

A graphical representation showing the relationship between the total production of goods and services and the price level for output in the short run.

Actual Price Level

The current general price of goods and services in the economy.

Expected Price Level

This refers to the anticipation or forecast of future prices of goods and services in the economy, often influencing consumer and business decisions.

Foreign-Currency Exchange

The process of exchanging one currency for another, which involves determining the rate at which two currencies will be swapped.