Refer to the Information Provided in Scenario 21

question 100

Multiple Choice

Refer to the information provided in Scenario 21.6 below to answer the questions that follow.
SCENARIO 21.6: Following is information pertaining to four surveys:
Survey 1: 50 pre-law students at Vanderbilt University are surveyed for a study to see if taking an LSAT preparation course was effective in improving their chance of being admitted to law school.
Survey 2: 600 newly hired Houston-area elementary school teachers are surveyed for a study to determine how much salary they were willing to sacrifice to get a job teaching in a school with a high-quality reputation.
Survey 3: 950 people are surveyed 6 months after buying a new car for a study to see how satisfied they are with their purchase.
Survey 4: 75 people are surveyed in front of 5 different casinos on the Las Vegas Strip fo a study to determine the average daily gambling budget of a Las Vegas visitor.
-Refer to Scenario 21.6. Of the four surveys, which is likely to be the least statistically significant?

• A) Survey 1
• B) Survey 2
• C) Survey 3
• D) Survey 4

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Definitions:

John Maynard Keynes

A British economist whose theories on government intervention in economies (Keynesian economics) have greatly influenced modern macroeconomic policies, particularly regarding the use of fiscal and monetary measures.

Karl Marx

A 19th-century philosopher, economist, and political theorist known for his critique of capitalism and the development of Marxist theory.

Milton Friedman

An influential American economist and Nobel laureate known for his strong belief in free-market capitalism and minimal government intervention.

Thorstein Veblen

An American economist and sociologist known for his theory of the leisure class and conspicuous consumption.