Focus Groups of 12 People Are Randomly Selected to Discuss

question 73

Multiple Choice

Focus groups of 12 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 9.4, and the standard deviation is 0.98. Would it be unusual to randomly select 12 people and find that fewer than 5 recognize the Yummy brand name?

• A)No
• B)Yes

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Definitions:

Aggregate Supply Analyses

The assessment of the total supply of goods and services that firms in an economy plan on selling during a specific time period at different price levels.

Keynesian

Pertaining to the economic theories and policies of John Maynard Keynes, emphasizing the role of government intervention to ensure full employment and stable economies.

Classical

Pertaining to the school of economic thought that emphasizes free markets, free trade, and the idea that economies self-regulate through supply and demand.

John Maynard Keynes

A British economist whose theories on the influences of macroeconomic factors on economic output and government interventions shaped modern economics.