A Sample of Size 200 Is Taken at Random from an Infinite

question 8

Multiple Choice

A sample of size 200 is taken at random from an infinite population.Given that the population proportion is 0.60,the probability that the sample proportion is less than 0.58 is

• A)0.281
• B)0.719
• C)0.580
• D)0.762

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Definitions:

Gains from Trade

The net benefits that parties obtain by voluntarily exchanging goods or services in markets.

Comparative Advantage

The ability of an individual or country to produce a good or service at a lower opportunity cost than others.

Production Possibility Curve

A graph that shows the maximum number of possible units a company can produce of two products given a set of inputs, reflecting the trade-off and opportunity cost of producing one product over another.

Trade

The action of buying, selling, or exchanging goods and services between people, firms, or countries.