An Economist Is Interested in Studying the Incomes of Consumers

question 163

Multiple Choice

An economist is interested in studying the incomes of consumers in a particular country. The population standard deviation is known to be $1,000. A random sample of 50 individuals resulted in a mean income of $15,000. What total sample size would the economist need to use for a 95% confidence interval if the width of the interval should not be more than $100?

• A) n = 1537
• B) n = 385
• C) n = 40
• D) n = 20

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Definitions:

Mutual Leadership

A leadership approach where leadership roles and responsibilities are shared among group members rather than centralized in a single leader.

Emergent

Refers to properties or patterns that arise during the process of self-organization in complex systems.

Dynamic

Defined by unceasing alteration, motion, or advancement.

Initiating Structure

The degree to which a leader concentrates on group goal attainment.