Exhibit 7-3 The Following Information Was Collected from a Simple Random Sample

question 45

Multiple Choice

Exhibit 7-3
The following information was collected from a simple random sample of a population.
-Refer to Exhibit 7-3. The point estimate of the mean of the population is

• A)18.0
• B)19.6
• C)108
• D)sixteen, since 16 is the smallest value in the sample

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Definitions:

Written Warranties

Guarantees provided in written form by the seller or manufacturer, promising the quality and durability of a product.

Consumer Purposes

Activities or objectives that cater to the needs and desires of individual buyers, contrasting with commercial or business aims.

Federal Trade Commission Act

A U.S. federal law established in 1914 to promote consumer protection and eliminate and prevent anticompetitive business practices.

Material Misrepresentation

An untrue assertion of fact by one individual to another that leads to the latter being persuaded into a agreement.