TABLE 7-5 According to a Survey, Only 15% of Customers Who Visited

question 90

True/False

TABLE 7-5
According to a survey, only 15% of customers who visited the website of a major retail store made a purchase. Random samples of size 50 are selected.
-Referring to Table 7-5, the requirements for using a normal distribution to approximate a binomial distribution is fulfilled.

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Definitions:

Import Quotas

Government-imposed limits on the volume of specific goods that can be imported, aimed at protecting domestic producers by controlling market supply.

Globalization

The integration of national economies into a worldwide economy.

American Consumer

An individual in the United States who purchases goods and services for personal use.

Frederic Bastiat

A 19th-century French economist and writer known for his advocacy of free trade and his witty criticisms of protectionism and socialism.