A Population Has a Known Standard Deviation of 25

question 3

Multiple Choice

A population has a known standard deviation of 25. A simple random sample of 49 items is taken from the selected population. The sample mean (x-bar) is 300. What is the margin of error at the 95% confidence level?

• A)±8
• B)±93
• C)±7
• D)±08

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Definitions:

Laissez-Faire

An economic philosophy of free-market capitalism that opposes government intervention.

Great Depression

A severe worldwide economic downturn that took place during the 1930s.

Nominal GDP

Nominal GDP is the market value of all final goods and services produced within a country in a given period, measured in current prices.

Aggregate Output

The total value of all goods and services produced in an economy over a specific time period.