Suppose a Certain Population Was Reported in the News as Being

question 27

Multiple Choice

Suppose a certain population was reported in the news as being 60% Republican.You take a random sample of 100 people from this population and find that 67% of your sample is Republican.What can you conclude about the news report, based on your sample results?

• A)You can't say they are wrong; your results are within the expected limits for a sample this size.
• B)A sample of size 100 is never large enough to make any conclusions either way about an entire population.
• C)You can say they are wrong because your sample results are too far away from what was reported in the news.
• D)None of the above.

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Definitions:

Reduced Overhead

The action or effect of decreasing indirect costs associated with running a business, such as administrative expenses, utilities, and rent.

Operating Efficiency

Refers to the ability of a business to deliver services or products in a cost-effective manner while maintaining high quality.

Crude Oil Prices

The cost per barrel of crude oil on the global markets, influencing energy prices and economic indicators.

OPEC

The Organization of the Petroleum Exporting Countries (OPEC) is an international cartel that aims to manage the supply of oil in an effort to set the price of oil on the world market.