A Group of Statistics Students Decided to Conduct a Survey

question 89

Multiple Choice

A group of statistics students decided to conduct a survey at their university to find the average (mean) amount of time students spent studying per week. Assuming a standard deviation of 6 hours, what is the required sample size if the error is to be less than ½ hour with a 95% level of confidence?

• A) 554
• B) 130
• C) 35
• D) 393

Recognize the role of tariffs, quotas, and non-tariff barriers in international trade.

Understand the effect of trade barriers on prices and quantities in the domestic market.

Differentiate between various types of trade policies and their implications for domestic and international markets.

Evaluate the effects of terms of trade and exchange rates on nation's trading relationships.

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Definitions:

Ironing

the process of using a heated tool (iron) to remove wrinkles from fabric, typically garments, enhancing their appearance.

Suppliers

Individuals or businesses that provide goods or services to consumers, businesses, or other organizations.

Households

Units of residence in an economy that include all individuals who live together and make joint economic decisions.

Goods And Services

The output produced by economic activities, encompassing tangible products (goods) and intangible items (services).