A Population Proportion Is to Be Estimated and a 95

question 86

Multiple Choice

A population proportion is to be estimated and a 95% degree of confidence is desired. In general, if one wishes to decrease the margin of error by a factor of 5 (for example from E = 0.05 to 0.01) , by what numerical factor will the necessary sample size increase?

• A)25
• B)24
• C)5
• D)20

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Definitions:

Representativeness Bias

A cognitive bias where individuals incorrectly assess the likelihood of an event based on how closely it resembles their stereotypes of a category.

Lack-of-participation Error

A common mistake in decision-making processes, where not all relevant parties are involved, leading to suboptimal outcomes.

Escalating Commitment

A behavioral phenomenon where an individual or group continues to invest in a decision despite evidence of its ineffectiveness.

Confirmation Error

A cognitive bias that involves focusing on information that confirms one's preconceptions and ignoring information that contradicts them.