The Sampling Distribution of the Population Proportion Is Based on a Binomial

question 123

Multiple Choice

The sampling distribution of the population proportion is based on a binomial distribution. What condition must be met to use the normal approximation for the confidence interval?

• A) n ≥ 30
• B) n ≥ 5
• C) n ≥ 5 and n(1 - ) ≥ 5
• D) np ≥ 5 and n(1 - p) ≥ 5

Grasp the dynamics of international specializations and economic trends.

Understand the concept of hard currencies and their effect on international trade.

Identify elements that constitute a country's infrastructure.

Recognize the legal framework governing international business, including the Foreign Corrupt Practices Act.

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Definitions:

Marginal Revenue Product

The increase in revenue a firm expects from employing one additional unit of a resource, such as labor.

Labor Demand Curve

A graph showing the relationship between the quantity of labor demanded by employers and the wage rate, typically illustrating that higher wages lead to lower demand for labor.

Planning Horizon

The time period over which an individual, organization, or government plans for and anticipates future events and activities.

Elasticity

Percentage change in one variable resulting from a 1-percent increase in another.