A Binomial Distribution Has 50 Trials (N = 50)with a Probability

question 4

Multiple Choice

A binomial distribution has 50 trials (n = 50) with a probability of success of 0.50 (π = 0.50) . We would like to find the probability of 34 or more successes using the normal distribution to approximate the binomial. Applying the continuity correction factor,what z-score should be used?

• A)2.404
• B)2.546
• C)2.687
• D)0.50

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Definitions:

Aggregate Demand

Total requisites for goods and services across an economic landscape, determined at a steady general price level over a fixed time frame.

Price Level

An index that measures the average of current prices across the entire spectrum of goods and services produced in the economy, reflecting the cost of living and inflation.

Average Price Level

The average price level is a measure of the overall level of prices in an economy over a period of time, often used to gauge inflation.

Exports

Goods or services that are produced in one country and sold to buyers in another, contributing to a country's foreign trade.