An Estimate of a Population Parameter That Provides an Interval

question 63

Multiple Choice

An estimate of a population parameter that provides an interval of values believed to contain the value of the parameter is known as the

• A) confidence level.
• B) interval estimate.
• C) margin of error.
• D) point estimate.

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Definitions:

Simultaneous Inflation

A situation where prices of goods and services rise at the same time across different sectors of an economy.

Prices Rising

An increase in the general level of prices of goods and services in an economy over a period of time.

Consumer Price Index

A measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care.

Market Basket

A collection of goods and services used to track price changes over time for the purpose of calculating inflation or cost of living adjustments.