Suppose That a Group of 100 Consumers Are Asked to Rate

question 12

Multiple Choice

Suppose that a group of 100 consumers are asked to rate how much they liked the taste of a new soft drink on a 5-point scale (where 5 = good taste and 1 = poor taste) . The mean rating was 4.6, with a standard deviation of 1.25. Suppose, further, that the standard error of the mean for this study was 0.15. If you wanted to find the 95 per cent confidence interval (two-tailed test) , and if the Z-value at the .05 level of significance is 1.96, then the confidence interval lies between approximately:

• A) 4.45 and 4.75.
• B) 4.31 and 4.89.
• C) 4.36 and 4.85.
• D) 4.57 and 4.63.

---

Definitions:

Labour Market

The supply and demand dynamics of available work and workers within an economy, often influenced by factors such as skills, wages, and employment laws.

Collective Bargaining

The process through which employers and labor unions negotiate contracts that determine conditions of employment, including wages, hours, and workplace policies.

Public Sector

The portion of the economy composed of government services and public enterprises.

Pay Increases

Adjustments made to an employee's base salary to reflect changes in performance, market conditions, or cost of living.