A University Surveyed Recent Graduates of the English Department for Their

question 110

Multiple Choice

A university surveyed recent graduates of the English Department for their starting salaries. Four hundred graduates returned the survey. The average salary was $25,000. The population standard deviation is $2,500. A 95% confidence interval is constructed. What does the confidence interval mean?

• A) The population mean is in the interval.
• B) The population mean is not in the interval.
• C) The likelihood that any confidence interval based on a sample of 400 graduates will contain the population mean is 0.95.
• D) There is a 5% chance that the computed interval does not contain the population mean.

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Definitions:

Supply Schedule

A chart that illustrates the correlation between a product's price and the amount available for sale.

Inputs Prices

The prices of the resources used in the production process, including labor, raw materials, and capital.

Production Technology

The combination of techniques, machinery, and processes used in the production of goods and services.

Supply Curve Shifts

Movements of the supply curve due to changes in factors other than the price of the good, indicating changes in supplier behavior.