A Sample of 50 Is Selected from a Known Population

question 94

Multiple Choice

A sample of 50 is selected from a known population of 250 elements. The population standard deviation is 15. What is the standard error of the sample means using the finite population correction factor?

• A) 2.89
• B) 1.90
• C) 2.12
• D) 13.44
• E) Cannot be determined from information given.

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Definitions:

Roth Retirement Plan

A retirement plan allowing individuals to contribute after-tax dollars, with tax-free withdrawals in retirement.

Hedge Labor Income

Strategies or financial instruments used to protect an individual's future income from employment against uncertainty or potential losses.

Risk Averse

A descriptive term for investors or individuals who prefer lower risk or uncertainties, often choosing investments with smaller potential returns to avoid losing money.

Retirement Savings Plan

A retirement savings plan is a financial arrangement designed to replace employment income upon retirement, which can include various types of accounts like 401(k)s and IRAs.