The Use of the Standard Normal Distribution for Constructing Confidence

question 107

Multiple Choice

The use of the standard normal distribution for constructing confidence interval estimate for the population proportion p requires:

• A) andare both greater than 5, wheredenotes the sample proportion
• B) np and n(1 - p) are both greater than 5
• C) n(p +) and n(p -) are both greater than 5
• D) that the sample size is greater than 5
• E) that the sample size is greater than 10

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Definitions:

Price Floor

A government or regulatory-imposed minimum price for a good or service, intended to prevent prices from falling below a certain level.

Shortage

An instance where the need for a good or service surpasses its availability in the marketplace.

Subsidy

Financial assistance provided by government to support businesses, organizations, or individuals, often aimed at encouraging certain economic activities or reducing burdens.

Selling Price

The amount of money that a seller charges for a product or service.