The Narrower the Confidence Interval,the More Precise It Is

question 27

Multiple Choice

The narrower the confidence interval,the more precise it is.With this in mind,which combination of factors will produce the most precise estimate of the difference between two population means?

• A)Two samples of n = 20 and 80% confidence
• B)Two samples of n = 20 and 90% confidence
• C)Two samples of n = 50 and 80% confidence
• D)Two samples of n = 50 and 90% confidence

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Definitions:

Supply of Loanable Funds

The total amount of funds that lenders are willing to loan at a given interest rate in an economy.

Elastic

Describes a situation in economics where the quantity demanded or supplied of a good changes significantly in response to changes in its price.

Demand for Land

The desire or need by individuals or businesses to purchase or lease land for various uses such as agriculture, commercial, or residential purposes.

Supply of Land

The total land area that is available for a particular use, such as agriculture, industry, or housing, which is often fixed and inelastic in the short term.