Recently, a University Surveyed Recent Graduates of the English Department

question 1

Multiple Choice

Recently, a university surveyed recent graduates of the English Department for their starting salaries. Four hundred graduates returned the survey. The average salary was $25,000 with a standard deviation of $2,500. What is the best point estimate of the population mean?

• A) $25,000
• B) $2,500
• C) $400
• D) $62.5

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Definitions:

Key Management Personnel

Individuals who have the authority and responsibility for planning, directing, and controlling the activities of an entity, typically at a senior level.

Joint Control

A situation in an arrangement where more than one party has control together, requiring unanimous consent for decision-making.

Economic Entity

An organization or unit in the economy that is capable of conducting economic activities, such as businesses or households.

Contractually Agreed

Pertains to terms, conditions, or arrangements that have been explicitly consented to by all parties involved through a formal contract.