Suppose That 19% of All Sales Are for Amounts Greater

question 28

Multiple Choice

Suppose that 19% of all sales are for amounts greater than $1,000.In a random sample of 30 invoices,what is the probability that more than six of the invoices are for over $1,000? Use the binomial approximation for the normal distribution.

• A)0.4443
• B)0.9440
• C)0.5557
• D)0.0560

---

Definitions:

Domestic Sellers

Domestic sellers refer to businesses or individuals that sell goods or services within their own country.

Domestic Buyers

Individuals or entities within a country that purchase goods or services from sources within the same country.

Tariff

A tax imposed by a government on imports or exports of goods, often used to protect domestic industries or generate revenue.

Quantity of Imports

The total amount of goods and services brought into a country from abroad for domestic consumption.