A Sample of Size 40 Is Taken from an Infinite

question 66

Multiple Choice

A sample of size 40 is taken from an infinite population whose mean and standard deviation are 68 and 12,respectively.The probability that the sample mean is larger than 70 equals

• A)P(Z > 70)
• B)P(Z > 2)
• C)P(Z > 0.17)
• D)P(Z > 1.05)

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Definitions:

Aggregate Supply

The sum total of products and services that corporate entities in an economic environment plan to market over a fixed period.

Expected Price Level

The anticipated average price of goods and services in the economy over a future period.

Short-Run Aggregate Supply Curve

It depicts the relationship between the price level and the quantity of goods and services that firms are willing and able to produce in the short run, while some production costs are fixed.

Long-Run Aggregate Supply Curve

A graphical representation showing the relationship between the overall price level and the total output produced by an economy when all factors of production are variable.