In Selecting the Sample Size to Estimate the Population Proportion

question 28

Multiple Choice

In selecting the sample size to estimate the population proportion p, if we have no knowledge of even the approximate values of the sample proportion , we:

• A) take another sample and estimate.
• B) take two more samples and find the average of their.
• C) let= 0.50.
• D) let= 0.95.

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Definitions:

Economies of Scale

Cost advantages reaped by companies when production becomes efficient, due to the scale of operation increasing.

Opportunity Cost

The abandonment of potential improvements from other possibilities once one choice is made.

Absolute Advantage

A country's ability to produce a good more efficiently than other countries, requiring fewer resources for the same output.

Autarky

National self-sufficiency; no economic interaction with foreigners.