Approximately How Many Prices Are Used to Calculate the Consumer

question 141

Multiple Choice

Approximately how many prices are used to calculate the consumer price index each month?

• A)9
• B)1,000
• C)80,000
• D)1 million

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Definitions:

Sample Proportion

The fraction of the sample that represents a particular attribute or characteristic.

Normal Probability Distribution

A bell-shaped distribution characterized by its mean and standard deviation, representing a continuous random variable.

Central Limit Theorem

A statistical theory that states that the distribution of sample means approximates a normal distribution as the sample size becomes larger, regardless of the population's distribution.

Nonsampling Errors

Errors that occur in data collection processes other than random sampling errors, often due to human error.