A Local Men's Clothing Store Is Being Sold

question 37

Multiple Choice

A local men's clothing store is being sold. The buyers are trying to estimate the percentage of items that are outdated. They will choose a random sample from the 100,000 items in the store's inventory in order to determine the proportion of merchandise that is outdated. The current owners have never determined the percentage of outdated merchandise and cannot help the buyers. How large a sample do the buyers need in order to be 99% confident that the margin of error of their estimate is about 3%?

• A) 1842
• B) 3684
• C) 7368
• D) 716

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Definitions:

Social Welfare

Government or private programs aimed at providing assistance and support to individuals or groups in need.

Spending Power

Spending power, or fiscal power, refers to the ability of a governing body to mobilize monetary resources or funds for various expenditures to influence the economy.

Congress

The legislative branch of the United States federal government, consisting of the House of Representatives and the Senate.

Fundamental Right

Basic human rights that are recognized and protected by constitutions or legal systems, considered essential for human dignity and freedom.