The 99% Confidence Interval Usually Is

question 8

Multiple Choice

The 99% confidence interval usually is:

• A)Narrower than the 95% confidence interval.
• B)Wider than the 95% confidence interval.
• C)The same as the 95% confidence interval.
• D)A less precise estimate of the effect in the population than the 95% confidence interval.

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Definitions:

Market Basket

A set combination of goods and services used as a consistent measure to track the cost of living and inflation through price changes over time.

Basket of Goods

A selected group of products whose prices are tracked over time for the purpose of measuring inflation.

Base Period

A specific time period used as a benchmark for comparing economic data over time.

CPI

Consumer Price Index, a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care, frequently used as an indicator of inflation.