Random Samples of Size 36 Are Taken from an Infinite

question 99

Multiple Choice

Random samples of size 36 are taken from an infinite population whose mean and standard deviation are 20 and 15, respectively. The distribution of the population is unknown. The mean and the standard error of the mean are

• A)36 and 15
• B)20 and 15
• C)20 and 0.417
• D)20 and 2.5

---

Definitions:

Social Welfare Function

An economic function that ranks societal allocations of resources based on ethical principles, intending to maximize collective satisfaction or utility.

Utility Possibilities Frontier

The utility possibilities frontier is a graphical representation depicting the different distributions of utility maximization between two agents given a fixed set of resources.

Income Distribution

Income distribution refers to the way in which total income is shared among the members of a society.

Pareto Optimal

A distribution condition in which making any person's situation better is impossible without causing harm to someone else.