According to the 2011 Gallup Daily Tracking Polls (Www

question 55

Multiple Choice

According to the 2011 Gallup daily tracking polls (www.gallup.com,February 3,2012) ,Mississippi is the most conservative U.S.state,with 53.4 percent of its residents identifying themselves as conservative. Refer to Exhibit 7-10.What is the probability that at least 60% of a random sample of 200 Mississippi residents identify themselves as conservative?

• A)0.0307
• B)0.3530
• C)0.4847
• D)0.9693

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Definitions:

Aggregate Demand Curve

A curve that represents the total demand for goods and services within an economy at various price levels, all else being equal.

Price Level

The average of current prices across the entire spectrum of goods and services produced in the economy, often used to measure inflation.

Aggregate Supply Curve

Illustrates the total output of goods and services that producers in an economy are willing to supply at different price levels, in the short run or the long run.

Horizontal Segment

A portion or segment of the market where businesses offer products or services that are similar and target the same consumer group, often within the same industry sector.