If the Estimated Population Standard Deviation Based on Previous Studies

question 37

Multiple Choice

If the estimated population standard deviation based on previous studies is 20 percent, the acceptable error is plus or minus 5 percent, and the z-value for a 95 percent level of confidence is 1.96, the needed sample size is approximately:

• A) 48.
• B) 210.
• C) 61.
• D) 153.
• E) 196.

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Definitions:

Product Price

The amount of money required to purchase a particular good or service.

World Trade Organization

An intergovernmental organization that regulates international trade with the aim of ensuring that trade flows as smoothly, predictably, and freely as possible.

Trade Barriers

Measures such as tariffs, quotas, and regulations that governments use to control the amount and type of goods and services imported or exported.

Comparative Advantage

The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than competitors, underpinning international trade theories.