SCENARIO 19-2 A Political Pollster Randomly Selects a Sample of 100 Voters

question 120

Multiple Choice

SCENARIO 19-2
A political pollster randomly selects a sample of 100 voters each day for 8 successive days and asks how many will vote for the incumbent.The pollster wishes to construct a p chart to see if the percentage favoring the incumbent candidate is too erratic.

-Referring to Scenario 19-2,what is the numerical value of the lower control limit for the p chart?

• A)0.37
• B)0.41
• C)0.50
• D)0.71

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Definitions:

Interest Rate

An annual rate that represents the fraction of borrowed or invested money charged as a fee for its usage.

Equate

To consider one thing to be the same as or equivalent to another.

Real GDP

Real GDP measures the value of all final goods and services produced within a country’s borders in a specific period, adjusted for inflation.

Aggregate Supply Curve

A graphical representation that shows the total quantity of goods and services that producers in an economy are willing to supply at different price levels during a specific time period.