An Economist Is Interested in Studying the Incomes of Consumers

question 36

Multiple Choice

An economist is interested in studying the incomes of consumers in a country.The population standard deviation is known to be $1,000.A random sample of 50 individuals resulted in a mean income of $15,000.What is the upper end in a 99% confidence interval for the average income?

• A)$15,052
• B)$15,141
• C)$15,330
• D)$15,364

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Definitions:

Reduce Its Value

Reduce Its Value refers to the process or event that diminishes the worth of an asset or commodity.

Rental Income

Earnings received from renting out property or real estate to tenants.

Counteroffer

A response to an offer in negotiations, where the original offer is rejected and a new offer is presented.

Accept The Offer

The act of agreeing to the terms proposed in an offer, thus forming a contractual agreement.