You Use the Finite Population Correction Factor When

question 177

Multiple Choice

You use the finite population correction factor when

• A)you sample without replacement and the sample size is larger than 5% of the population size.
• B)you sample without replacement and the sample size is smaller than 5% of the population size.
• C)you sample with replacement and the sample size is larger than 5% of the population size.
• D)you sample with replacement and the sample size is smaller than 5% of the population size.

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Definitions:

Consumer Decision Making

The process by which consumers identify their needs, gather information, evaluate alternatives, and make choices regarding products and services.

Shipping Costs

Expenses involved in transporting goods from one location to another.

Bias

A tendency, inclination, or prejudice towards or against something or someone, often in a way considered to be unfair.

Anchoring

Tendency to rely heavily on one prior (suggested) piece of information when making a decision.