An Economist Is Interested in Studying the Incomes of Consumers

question 50

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:

Aggregate Demand

The total demand for all goods and services within a country's economy at a given overall price level and in a given time period.

Aggregate Supply

The total supply of goods and services that firms in an economy plan to sell during a specific time period at various price levels.

Keynesian Range

A segment of the Keynesian theory where demand-pull inflation is unlikely to occur due to high levels of unemployment and underused resources.

Intermediate Range

The range within which all intermediate goods, price levels, and outputs are determined by a mix of supply and demand.