In Determining the Sample Size Necessary to Estimate a Population

question 94

Multiple Choice

In determining the sample size necessary to estimate a population proportion, which of the following information is not needed?

• A)the maximum margin of error that can be tolerated
• B)the confidence level required
• C)a preliminary estimate of the true population proportion p
• D)the mean of the population

Understand the relationship between insurance policy attributes (e.g., deductibles) and consumer behavior.

Evaluate how economic growth impacts businesses across various sectors.

Understand the concept of opportunity cost and how it applies to production choices.

Comprehend the construction and significance of economic models and their use in simplifying real-world complexities.

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Definitions:

Anxiety

an emotion characterized by feelings of tension, worried thoughts, and physical changes like increased blood pressure that can be a normal reaction to stress or part of an anxiety disorder.

Depression

A mental disorder exemplified by a continual sense of despair or apathy towards activities, leading to considerable difficulties in performing daily tasks.

Confirmation Bias

The tendency to filter, read, prefer, and recall facts in such a way that it endorses one's established convictions or speculations.

Professional Competence

The level of proficiency and skill necessary to perform the duties of a specific profession effectively.