The Value for a 95% Confidence Interval Estimate for a Population

question 16

Multiple Choice

The value for a 95% confidence interval estimate for a population mean $\mu$ is

• A) 0.95
• B) 0.025
• C) 1.65
• D) 1.96

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Definitions:

Economic Variable

A measurable quantity that represents a component of economic performance or behavior, such as GDP, unemployment rate, or inflation.

Rational Decision Makers

Individuals or organizations that make choices that maximize their utility, based on systematic analysis of options and outcomes.

Expected Marginal Benefit

The additional benefit perceived by a consumer or producer from consuming or producing one more unit of a good or service.

Expected Marginal Cost

Refers to the anticipated increase in cost for producing one additional unit of a good or service.