Use Technology to Solve the Following Problem: a Sample of Size

question 112

Multiple Choice

Use technology to solve the following problem: A sample of size 51 will be drawn from a population with mean 11 and standard deviation 7. Find the probability that $\bar { x }$ will be less than 12.

• A) 0.8106
• B) 0.8462
• C) 0.8390
• D) 0.1538

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Definitions:

Henry Ford

An American industrialist and founder of the Ford Motor Company, who revolutionized factory production with his assembly-line methods.

Wage-Price Flexibility

The ability of wages and prices to adjust freely in response to changes in supply and demand in the labor and goods markets.

Say's Law

An economic theory that proposes supply creates its own demand, suggesting that producing goods and services will in turn generate sufficient demand for those goods and services.

Paradox Of Thrift

An economic theory suggesting that personal savings can be detrimental to overall economic growth if everyone saves more and spends less, leading to decreased aggregate demand.