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A Simple Random Sample of Size N=1320 Is Obtained p^\hat { p }

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A simple random sample of size n=1320 is obtained from a population whose size is N=1,400,000 and whose population proportion with a specified characteristic is p=0.46 . Describe the sampling distribution of p^\hat { p } .


Definitions:

Guns And Butter

A term used in economics to represent the trade-off between a nation's investment in defense and civilian goods.

Increasing Opportunity Cost

A situation where producing more of one good or service leads to a larger increase in foregone production of another good or service.

Economic Growth

The increase in the inflation-adjusted market value of the goods and services produced by an economy over time, typically measured as the percent rate of increase in real GDP.

Full Employment

An economic situation in which all available labor resources are being used in the most efficient way possible, often characterized by the absence of cyclical unemployment.

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