A Pollster Wishes to Estimate the Number of Left-Handed Scientists

question 75

Multiple Choice

A pollster wishes to estimate the number of left-handed scientists. How large a sample is needed in order to be95% confident that the sample proportion will not differ from the true proportion by more than 6%? A previousstudy indicates that the proportion of left-handed scientists is 9%.

• A) 88
• B) 62
• C) 97
• D) 27

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Definitions:

Velocity of Money

The rate at which money is exchanged from one transaction to another and used to purchase goods and services, reflecting the economy's activity level.

Nominal GDP

A measure of a country's economic output based on current prices, without adjusting for inflation.

Equation of Exchange

The equation of exchange is an economic formula relating the supply of money in an economy to the velocity of money, price level, and an index of expenditures.

Velocity of Money

The rate at which money circulates in the economy, calculated as the ratio of nominal GDP to the money supply.