An Economist Is Interested in Studying the Incomes of Consumers

question 76

Multiple Choice

An economist is interested in studying the incomes of consumers in a particular country. The population standard deviation is known to be $1,000. A random sample of 50 individuals resulted in a
Mean income of $15,000. What is the upper end point in a 99% confidence interval for the average
Income?

• A) $15,052
• B) $15,141
• C) $15,330
• D) $15,364

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Definitions:

Genus

In biology, a rank used in the classification of organisms that is above species and below family, grouping together species that are structurally similar or phylogenetically related.

Genus

A classification in biological taxonomy that ranks above species and below family, grouping together species that share common characteristics.

Broad

Encompassing a wide range or scope; extensive in area or amount.

Logical Definitions

Explanations of concepts or terms strictly based on their logical properties and inherent structure, often used in philosophy and mathematics.