An Economist Is Interested in Studying the Incomes of Consumers

question 132

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 width of the 90% confidence interval?

• A)$232.60
• B)$364.30
• C)$465.23
• D)$728.60

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Definitions:

Placebo Treatment

A substance or treatment with no therapeutic effect, used as a control in testing new drugs or to explore the psychological impact of receiving treatment.

Quality Research

The systematic and critical investigation into phenomena, aimed at discovering or interpreting facts and achieving a high standard of reliability and validity in its findings.

Humanistic Therapies

A category of psychotherapies that emphasize self-exploration, self-expression, and personal growth, focusing on the client's subjective experience.

Behavior Therapy

A type of psychotherapy that focuses on changing undesirable behaviors through reinforcement and conditioning.