A Study of Nickels Showed That the The Standard Deviation

question 37

Multiple Choice

A study of nickels showed that the the standard deviation of the weight of nickels is milligrams. A coin counter manufacturer wishes to find the 95% confidence interval for
The average weight of a nickel. How many nickels does he need to weigh to obtain an
Average accurate to within 20 milligrams?

• A) 154
• B) 57
• C) 217
• D) 306

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Definitions:

Entrepreneurial Ability

The skill or talent required to conceptualize new products or services, create businesses, and achieve economic success.

Economic Resources

Inputs used in the production of goods and services, often categorized into land, labor, capital, and entrepreneurship.

Budget Line

A graphical representation of all possible combinations of two goods that can be purchased with a given budget at specific prices.

Consumer's Income

The total amount of income a consumer has available to spend on goods and services.