As a Rule of Thumb, the Sampling Distribution of the Sample

question 96

Multiple Choice

As a rule of thumb, the sampling distribution of the sample proportions can be approximated by a normal probability distribution whenever

• A) np ≥5, n ≥30.
• B) np ≥5 and n(1-p) ≥5.
• C) n 30 and (1 - p) = 0.5.
• D) none of these alternatives is correct.

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Definitions:

Tariff

A tax imposed by a government on imported goods or services to protect domestic industries or to generate revenue.

Producer Surplus

The difference between what producers are willing to sell a good for and the price they actually receive.

Trade

The trade of goods, services, or both among two or more entities, either within a single economy or across different ones.

Producer Surplus

The difference between what producers are willing to accept for a good or service and what they actually receive.