In Estimating the Standard Deviation in the Population for the Formula

question 50

Multiple Choice

In estimating the standard deviation in the population for the formula for calculating the sample size for estimating a mean,we can use some prior knowledge about the

• A)sample to estimate our standard deviation.
• B)population,undertake a pilot study or estimate the range,and divide by 10.
• C)population,undertake a pilot study or estimate the range,and divide by 6.
• D)Either of the two;b or c would work.
• E)None of the above;if you do not have the actual standard deviation,you cannot use the formula.

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Definitions:

Aggregate Supply Model

An economic model that represents the total supply of goods and services that firms in an economy plan on selling during a specific time period, across all price levels.

Phillips Curve

An economic theory suggesting an inverse relationship between the rate of inflation and the rate of unemployment in an economy.

Long-Run Phillips Curves

A graphical representation showing that in the long run, there is no trade-off between inflation and unemployment.

Natural Rate

The level of economic activity or output at which the economy operates without causing inflation to accelerate, often associated with unemployment or interest rates.