Refer to the Following Paragraph to Answer the Questions Below

question 25

Multiple Choice

Refer to the following paragraph to answer the questions below.
The Young Children's Charity would like to provide an accurate estimate of how much it costs to raise a child between the ages of 2 and 12 for its fund raising campaign. They contracted with you to find out how much households spent on raising a child in 1996. They gave you a list all 400,000 residential telephone customers in the area they will operate the campaign. You sampled every 400th address on the list. The Charity will have a survey company contact each household sampled and ask whether or not there is a child between 2 and 12 years of age living in the household. If there is, they will ask other questions and record the total amount spent raising a child during 1996.
-How large is your sample?

• A) 100
• B) 500
• C) 1,000
• D) 1,500

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Definitions:

Households

Economic units consisting of all persons who occupy a housing unit, including single families, individuals living alone or with others, but who make joint financial decisions.

Maximize Wealth

The process or strategy aimed at increasing the net value of assets owned by an individual or corporation.

Opportunity Cost

The worth of the best option given up by choosing to follow a specific course of action.

Different Utilities

The concept relating to the varied usefulness or satisfaction that consumers derive from products or services.