Suppose That an Internal Report Submitted to the Managers at a Bank

question 19

Multiple Choice

Suppose that an internal report submitted to the managers at a bank in Boston showed that with 95 percent confidence, the proportion of the bank's customers who also have accounts at one or more other banks is between .45 and .51. Given this information, what sample size was used to arrive at this estimate?

• A) About 344
• B) Approximately 1,066
• C) Just under 700
• D) Can't be determined without more information.

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Definitions:

International Trade

The exchange of goods, services, and capital between countries and territories.

Economically Advanced

Describes countries or regions with high levels of income, sophisticated infrastructure, and a diverse economy, often synonymous with developed countries.

Wage Rates

The standard amount of compensation an employee receives from an employer in exchange for labor, usually expressed per hour or year.

Labor Costs

Expenses associated with employing labor, including wages, salaries, benefits, and taxes.