Random Samples of Size 36 Each Are Taken from a Large

question 36

Multiple Choice

Random samples of size 36 each are taken from a large population whose mean is 120 and standard deviation is 39. The mean and standard error of the sampling distribution of sample mean, respectively, are:

• A) 120 and 39
• B) 120 and 6.5
• C) 120 and 5.5
• D) 39 and 120
• E) 6.5 and 120

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Definitions:

Quantity Demanded

Refers to the total amount of a good or service that consumers are willing and able to purchase at a given price in a specified time period.

Demand

Demand in economics is defined as consumers' willingness and ability to purchase goods or services at a given price over a specific period of time.

Normal Goods

Goods for which demand increases as consumer income rises, and decreases when consumer income falls.

Inferior Goods

Goods for which demand decreases as the income of consumers increases, opposite to normal goods.