Which Two Quantities Are Needed to Estimate the Standard Error

question 15

Multiple Choice

Which two quantities are needed to estimate the standard error of the proportions toward the further estimation of confidence intervals for proportions?

• A)Sample mean and sample standard deviation
• B)Population mean and population standard deviation
• C)Sample proportion and sample size
• D)Population proportion and population size

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Definitions:

Equilibrium Price

The cost at which the amount of a good consumers want to buy matches the amount producers are willing to sell, achieving a state of equilibrium in the market.

Allocative Efficiency

A state of the economy in which production is in line with consumer preferences; every good or service is produced up to the point where the last unit provides a benefit to consumers equal to the cost of producing it.

Production Methods

Various techniques and processes used to create goods and services.

Allocative Efficiency

A state of the economy in which production represents consumer preferences; specifically, every good or service is produced up to the point where the last unit provides a marginal benefit to society equal to the marginal cost of producing it.