A Consumer Product Magazine Recently Ran a Story Concerning the Increasing

question 31

Multiple Choice

A consumer product magazine recently ran a story concerning the increasing prices of digital cameras. The story stated that digital camera prices dipped a couple of years ago, but now are
Beginning to increase in price because of added features. According to the story, the average price
Of all digital cameras a couple of years ago was $215.00. A random sample of cameras was recently
Taken and entered into a spreadsheet. It was desired to test to determine if that average price of all
Digital cameras is now more than $215.00. The information was entered into a spreadsheet and the
Following printout was obtained: One-Sample T Test
Null Hypothesis: $\mu = 215$
Alternative Hyp: $\mu > 215$


Is a sample size $\mathrm { n } = 22$ large enough to utilize the central limit theorem in this inferential procedure?

• A) No, since either np or nq is less than 15
• B) Yes, since both np and nq are greater than or equal to 15
• C) Yes, since the central limit theorem works whenever means are used
• D) \(\mathrm { No }\), since \(\mathrm { n } < 30\)

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Definitions:

Specified Time Periods

Designated or clearly defined intervals of time within which certain actions are performed or conditions are to be met.

Exchange Controls

Regulatory measures imposed by a government on the buying/selling of foreign currencies or on the movement of currencies out of a country.

Exchange Control

Restriction on importation of certain products or against certain companies to reduce trade and expenditures of foreign currency.

Domestic Capital

Financial assets and resources available within a country, including savings and investments, that are used for economic growth.