Statisticians Like Precision in Their Interval Estimates

question 67

Multiple Choice

Statisticians like precision in their interval estimates. A low margin of error is needed to achieve this. Which of the following supports this when selecting sample sizes?

• A) A larger sample size reduces the margin of error.
• B) A smaller sample size reduces the margin of error.
• C) A larger sample size increases the margin of error.
• D) A sample size has no impact on the margin of error.

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Definitions:

Bounded Rationality Model

A model that suggests that individuals make decisions based on a limited amount of information and through a simplification of complex problems, constrained by their cognitive limitations.

Equitable Outcome

A result or conclusion of a process that is deemed fair and just, ensuring equal treatment and opportunities for all involved parties.

Alternatives

Different options or strategies available for achieving a desired outcome or solving a problem.

Criminal Crises

Situations or periods characterized by a significant increase in criminal activity, threatening public safety and requiring urgent responses.