A Simple Random Sample of 5 Observations from a Population

question 34

Multiple Choice

A simple random sample of 5 observations from a population containing 400 elements was taken, and the following values were obtained. A point estimate of the mean is

• A) 4.
• B) 22.
• C) 21.
• D) 110.

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Definitions:

Progressive

A term often used to describe a tax system in which the tax rate increases as the taxable amount or income increases.

Tax System

The comprehensive set of laws and regulations governing the collection of taxes by the government from individuals and businesses.

Average Tax Rate

Total taxes paid divided by total income

Taxable Income

The amount of income used to determine how much tax an individual or a company owes to the government in a given tax year.