In Estimating a Population Proportion, the Factors That Are Needed

question 67

True/False

In estimating a population proportion, the factors that are needed to determine the required sample size are the confidence level, the margin of error and some idea of what the population proportion is.

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Definitions:

External Cost

Costs that are not borne by the individuals or entities responsible for producing or consuming a good or service, often affecting third parties.

Marginal Cost

The increase in total production costs resulting from the production of one additional unit of a product or service.

Artificially Scarce Good

A product or service that is made scarce through artificial means such as monopoly control or government regulations, rather than limited by natural resources.

Externalities

Costs or benefits arising from an economic activity that affect third parties who did not choose to incur that cost or benefit.