A Credit Union Took a Random Sample of 400 Accounts

question 59

Multiple Choice

A credit union took a random sample of 400 accounts and obtained the following 90% confidence interval for the mean checking account balance at the institution: $2185 < μ(balance) < $3846.

• A)We are 90% confident that the mean checking account balance at this credit union is between $2185 and $3846,based on this sample.
• B)We are 90% sure that the mean balance for checking accounts in the sample was between $2185 and $3846.
• C)If we took random samples of checking accounts at this credit union,about nine out of ten of them would produce this confidence interval.
• D)About 9 out of 10 people have a checking account balance between $2185 and $3846.
• E)We are 90% confident that the mean checking account balance in the U.S.is between $2185 and $3846.

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Definitions:

Policy Formulation

The development of plans and actions by governments or organizations to address public issues or problems through laws, regulations, decisions, or actions.

Policymaking Process

The series of steps and actions by which governments create and implement public policy, including agenda setting, policy formulation, adoption, implementation, and evaluation.

Policy Formulation

The process of developing strategies and proposals to address specific issues or accomplish defined goals within a political, organizational, or governmental setting.

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An interest or share in an undertaking, which could be financial, emotional, or professional.