A University Dean Is Interested in Determining the Proportion of Students

question 133

Multiple Choice

A university dean is interested in determining the proportion of students who receive some sort of financial aid. Rather than examine the records for all students, the dean randomly selects 200 students and finds that 118 of them are receiving financial aid. The 95% confidence interval for π is 0.59 ± 0.07. Interpret this interval.

• A) We are 95% confident that the true proportion of all students receiving financial aid is between 0.52 and 0.66.
• B) 95% of the students get between 52% and 66% of their tuition paid for by financial aid.
• C) We are 95% confident that between 52% and 66% of the sampled students receive some sort of financial aid.
• D) We are 95% confident that 59% of the students are on some sort of financial aid.

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Definitions:

Resource Conservation

The practice of using natural resources wisely to ensure their availability for future generations, often involving efforts to reduce wastage and promote sustainable use.

Internalizing External Costs

The process of ensuring that the prices of goods and services reflect the true costs associated with their consumption or production, including environmental impacts.

Pollution

The introduction of harmful substances or products into the environment, resulting in negative effects on life and health.

Real Market Prices

The actual selling price of goods and services in the market, reflecting supply, and demand without distortion by subsidies or taxes.