A Researcher Collected Data on the Annual Salary of Doctors

question 82

Multiple Choice

A researcher collected data on the annual salary of doctors in Nova Scotia.He wishes to construct a confidence interval for the mean annual salary.Which of the following are true?
I.A 98% confidence interval will have a greater chance of including the true mean salary than a 95% confidence interval.
II.A 98% confidence interval will be narrower than a 95% confidence interval.
III.A 98% confidence interval requires the researcher to take a larger sample.

• A)III
• B)II,III
• C)I
• D)II
• E)I,II

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Definitions:

MPP

Marginal Physical Product, the change in total output of a good that results from a one-unit change in input, holding all other inputs constant.

Substituted

The act of replacing one good or service with another due to changes in price, preference, or other variables.

Derived Demand

Demand for a factor of production or intermediate good that occurs as a result of the demand for another related good or service.

Productive

Refers to the efficiency and capability of producing goods and services, often measured by output per unit of input.