A Group of Statistics Students Decided to Conduct a Survey

question 94

Multiple Choice

A group of statistics students decided to conduct a survey at their university to find the average (mean) amount of time students spend studying per week. Based on a simple random sample, they surveyed 144 students. The statistics showed that students studied an average of 20 hours per week with a standard deviation of 10 hours. What is the standard error of the mean?

• A) 0.83
• B) 10
• C) 0.5
• D) 2

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Definitions:

Variations

Differences or deviations in a set of items, data points, or processes from a norm or standard.

Transaction Obligation

The requirement to complete a financial transaction that has been agreed upon, including payment and delivery.

Futures Option Contracts

Options contracts that give the buyer the right, but not the obligation, to buy or sell a futures contract at a set price on or before a certain date.