Focus Groups of 13 People Are Randomly Selected to Discuss

question 76

Multiple Choice

Focus groups of 13 people are randomly selected to discuss products of the Yummy Company. It is determined that the mean number (per group) who recognize the Yummy brand name is 10.1, and the standard deviation is 0.55. Would it be unusual to randomly select 13 people and find that fewer than 7 recognize the Yummy brand name?

• A) Yes
• B) No

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Definitions:

Saving

The act of setting aside a portion of current income for future use, which could involve depositing money into bank accounts or investing in financial products.

Investment

Assigning funds with the anticipation of creating income or achieving financial gain.

Loanable Funds

The total funds available from savers for borrowing in the financial markets, used for investments, purchasing goods, or other purposes.

Private Investment

Spending by businesses or individuals on capital goods, such as factories, machinery, and homes, which is used to produce goods or services.