A Study of 90 Bolts of Carpet Showed That Their

question 46

Multiple Choice

A study of 90 bolts of carpet showed that their average length was 180 yards. The standard deviation of the population is 10 yards. Which of the following is the 99% confidence interval for the mean length per
Bolt of carpet?

• A) (177.55, 182.45)
• B) (173.49, 186.51)
• C) (176.74, 183.26)
• D) (177.28, 182.72)

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Definitions:

Normative Economic Statement

A subjective statement that expresses an opinion or a value judgment about what ought to be, rather than what is.

Can Be Verified

Indicates that a certain piece of information, claim, or data can be checked and confirmed for accuracy or truthfulness.

Positive Economic Statement

An objective statement based on empirical evidence that describes the world as it is. These statements can be tested and validated through observation.

Marginal Tax Rates

The rate at which tax is charged on an additional dollar of income, which can vary based on income levels and tax brackets.