If All Other Factors Are Held Constant,increasing the Level of Confidence

question 57

Multiple Choice

If all other factors are held constant,increasing the level of confidence will have what kind of effect on the width of a confidence interval?

• A)Increase it
• B)Decrease it
• C)Increase it or decrease it depending on whether is positive or negative
• D)Have no effect on it

---

Definitions:

Scarcity

The fundamental economic problem of having limited resources to meet infinite wants, requiring choices and priorities in resource allocation.

Unlimited Wants

The economic concept that humans have endless desires or wishes for goods and services, exceeding the finite resources available.

Limited Means

A situation or condition of having restricted financial resources or capabilities.

Capital Equipment

Long-lasting tools, machinery, or infrastructure used in the production of goods and services.