An Economist Is Interested in Studying the Incomes of Consumers

question 36

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 is the upper end in a 99% confidence interval for the average income?

• A)$15,052
• B)$15,141
• C)$15,330
• D)$15,364

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Definitions:

Per Se Violations

Actions or behaviors that are automatically deemed illegal or against regulations without the need for further demonstration of harm or intent.

Sherman Act

A landmark federal statute in the antitrust law of the United States that prohibits monopolistic practices and promotes competition.

Restraints Against Trade

Actions or regulations that restrict, limit, or impede the free flow of trade and competition in the market.

Different Levels

Different levels refer to varying degrees or stages in a hierarchy, system, or classification.