I One Factor in Determining the Size of a Sample

question 32

Multiple Choice

i. One factor in determining the size of a sample is the degree of confidence selected. This is
Usually 0.95 or 0.99, but it may be any degree of confidence you specify.
ii. One factor in determining the size of a sample is the maximum allowable error that you must
Decide on. It is the maximum error you will tolerate at a specified level of confidence.
iii. The variation in the population as measured by the standard deviation has little or no effect in
Determining the size of a sample selected from the population.

• A) (i), (ii), and (iii) are all correct statements.
• B) (iii) is a correct statement but not (i) or (ii).
• C) (i) and (iii) are correct statements but not (ii).
• D) (i) and (ii) are correct statements but not (iii).
• E) (i), (ii), and (iii) are all false statements.

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Definitions:

Competitors

Other businesses or individuals that offer similar products or services within the same market, competing for the same set of customers.

Market

An area or arena in which commercial dealings are conducted.

Alternatives

Other options or choices available in a given situation, often considered when the primary option is not viable.

Substitute

An alternative product or service that a consumer can choose over another, often influencing competitiveness and market dynamics.