A Population Has a Mean of 300 and a Standard

question 9

Multiple Choice

A population has a mean of 300 and a standard deviation of 12. A sample of 64 observations will be taken. The probability that the sample mean will be between 295 to 305 is

• A) 0.0009.
• B) 0.9991.
• C) 0.3231.
• D) 0.6769.

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Definitions:

Aggregate Supply

The total supply of goods and services that firms in an economy are willing and able to sell at a given price level in a given time period.

Consumption Expenditures

The total amount spent by households on goods and services for personal use within a specified period.

Investment Expenditures

Spending by businesses on capital goods, and by households on new homes.

Unemployment

A situation where individuals who are capable of working and willing to work do not find suitable employment.