The Law of Large Numbers Implies That Larger Samples of Data

question 29

Multiple Choice

The law of large numbers implies that larger samples of data are less likely to show accidental patterns;therefore,larger samples are generally more informative.In making judgments about evidence,participants

• A)seem to understand and respect this law.
• B)ignore this law even though they do follow other principles of statistics.
• C)follow this law only if they have been trained in statistics.
• D)ignore this law in some situations but respect it in other situations.

---

Definitions:

European Union

A political and economic union of 27 European countries that are tied by common policies covering a wide range of areas, including trade, security, and law.

Common Fiscal Policy

A coordinated approach by multiple governments or entities to manage tax policies, government spending, and public debt to influence economic conditions.

Tariffs and Quotas

Government-imposed regulations where tariffs are taxes on imported goods, and quotas are limits on the amount of a product that can be imported.

Smoot-Hawley Tariff Act

Legislation passed in 1930 that established very high tariffs. Its objective was to reduce imports and stimulate the domestic economy, but it resulted only in retaliatory tariffs by other nations.