A Random Sample of 100 People Was Selected from a Population

question 145

True/False

A random sample of 100 people was selected from a population of customers at a local bank.The mean age of these customers was 40.If the population standard deviation is thought to be 5 years,the margin of error for a 95 percent confidence interval estimate is .98 years.

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Definitions:

Hurricane

A tropical cyclone with winds exceeding 74 mph, typically characterized by rain, thunderstorms, and strong winds.

Inferior Good

A type of good for which demand decreases when consumer income rises, unlike normal goods, for which the opposite is observed.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity demanded by consumers at those prices.

Supply Curve

A graphical representation showing the relationship between the quantity of goods that producers are willing to sell and the price of those goods.