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

Recognize the importance and process of sales forecasting in budgeting.

Grasp the concept of long-term and short-term budgeting and their significance.

Identify the types of budgets used within an organization, such as capital expenditure budgets, operating budgets, and financial budgets.

Understand the role and construction of budgeted financial statements.

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Definitions:

PH Of 6

Indicates a slightly acidic substance on the pH scale, which ranges from 0 (highly acidic) to 14 (highly basic or alkaline), with 7 being neutral.

Diuretic

A substance or medication that promotes the increase of urine production, thereby helping to remove excess water and salt from the body.

Antidiuretic

A substance that reduces the production of urine, often used in reference to hormones that help the body retain water.

Antibacterial

Substances that inhibit the growth or destroy bacteria, commonly used in medications and cleaning products.