An Economist Is Interested in Studying the Incomes of Consumers

question 95

Multiple Choice

An economist is interested in studying the incomes of consumers in a country.The population standard deviation is known to be $1,000.A random sample of 50 individuals resulted in a mean income of $15,000.What total sample size would the economist need to use for a 95% confidence interval if the width of the interval should not be more than $100?

• A)n = 1537
• B)n = 385
• C)n = 40
• D)n = 20

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Definitions:

Indigenous Areas

Regions historically inhabited and recognized as the ancestral lands of indigenous peoples, often characterized by specific legal and social recognition.

Commerce Clause

A provision in the United States Constitution that grants Congress the power to regulate commerce with foreign nations, among the states, and with Indian tribes.

Interstate Commerce

Economic activities or transactions that cross state boundaries or have effects across state lines, regulated by the federal government.

Legislation

The act of making or enacting laws, usually carried out by a governmental body or legislature.