In a Simple Random Sample of 100 Women from Richmond

question 36

Multiple Choice

In a simple random sample of 100 women from Richmond, Virginia, the average amount of money that these women spent per visit at their hair salons is $32.43. The standard deviation from this sample is $7.84.
Which of these is an approximate 95% confidence interval for the mean amount of money that all women in Richmond spend per visit at their hair salons?

• A) $32.43 ± $0.784
• B) $32.43 ± $1.568
• C) $32.43 ± $7.84
• D) $7.84 ± $3.243
• E) $7.84 ± $6.486

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Definitions:

Rational Expectations Theory

The hypothesis that individuals form forecasts about the future based on all available information and past experiences, affecting their economic decisions.

Aggregate Supply

The total supply of goods and services that firms in an economy plan on selling during a specific time period.

Government Intervention

The direct or indirect involvement of governmental actions in the market to influence the economy, correct market failures, or protect the public interest.

John Maynard Keynes

A British economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments, emphasizing the importance of government intervention during economic downturns.