Statistical Calculations Will Show That If P =

question 34

Multiple Choice

Statistical calculations will show that if p = .01, then the sample size needed to have at least a 95% chance of finding at least one nonconformance is

• A)30
• B)100
• C)300
• D)1,000

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Definitions:

Required Reserve Ratio

The fraction of deposits that banks are required to hold in reserve and not lend out.

Checkable Deposits

Bank account balances that can be easily withdrawn or used for payments through checks, debit cards, or electronic transfers.

Opportunity Cost

The cost of foregoing the next best alternative when making a decision, representing the benefits one misses out on when choosing one option over others.

Transaction Costs

Expenses incurred when buying or selling goods or services, including fees, taxes, and other charges that make up the total cost of a transaction besides the price of the good or service itself.