Use the Following Information to Answer the Question

question 13

Multiple Choice

Use the following information to answer the question. Many couples believe that it is getting too expensive to host an "average" wedding in the United States. According to the website HYPERLINK "http://www.costofwedding.com/" www.costofwedding.com, the average cost of a wedding in the U.S. in 2009 was $24,066. Recently, in a random sample of 40 weddings in the U.S. it was found that the average cost of a wedding was $23,224, with a standard deviation of $2,903. On the basis of this, a 95% confidence interval for the mean cost of weddings in the U.S. is $22,296 to $24,152.
-Does the confidence interval provide evidence that the mean cost of a wedding has decreased?

• A)No
• B)Yes

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Definitions:

Low Down-payment Loans

Loan types that require a smaller initial payment from the borrower, often used in the context of home mortgages.

Interest Rate Policy

A component of monetary policy, often set by a central bank, that determines the level of interest rates to influence economic activity.

Federal Regulations

Rules set by the federal government to control and guide the practices of businesses, individuals, and other organizations within the country.

Mortgage Lending Standards

Criteria used by banks and financial institutions to determine the eligibility of borrowers for a mortgage.