GasBuddy and GasPriceWatch

question 18

Multiple Choice

GasBuddy and GasPriceWatch.com are companies started to help consumers save money on gas. Which environmental trend is most likely to have provided the impetus for the creation of these companies?

• A) Regulatory changes
• B) Political changes
• C) Economic forces
• D) Technological advances
• E) Social forces

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Definitions:

Standard Error

A measure of the statistical accuracy of an estimate, calculated as the standard deviation of the sampling distribution of a statistic.

Probability Distribution

A function that describes the likelihood of different outcomes in an experiment.

Sample Mean

The average value of all the measurements in a sample, calculated by adding all the values and dividing by the number of observations.

Probability Density Function

A function used to compute probabilities for a continuous random variable. The area under the graph of a probability density function over an interval represents probability.