According to the Central Limit Theorem, for Samples of Size

question 30

Multiple Choice

According to the central limit theorem, for samples of size 169 drawn from a population with μ = 1,014 and σ = 65, the mean of the sampling distribution of sample means would equal _______.

• A)1,014
• B)65
• C)5
• D)6
• E)3

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Definitions:

Nominal GDP

The aggregate value of all end products and services created inside a country during a specific time, calculated in present-day prices.

Nominal Cost

The price of a good or service without adjustment for inflation, representing the current market price.

Potential Output

Potential output refers to the total amount of goods and services an economy can produce when it is operating at full capacity and efficiency, without causing inflation.

Long-run Equilibrium

A state in which all inputs and outputs in an economy are fully adjusted and there is no tendency for change.