Suppose Bank of America Would Like to Investigate If the Credit

question 55

Multiple Choice

Suppose Bank of America would like to investigate if the credit score and income level of an individual are independent of one another.Bank of America selected a random sample of 400 adults and asked them to report their credit score range and their income range.The following contingency table presents these results. The expected number of individuals with income less than $50,000 and a credit score between 650 and 750 is ______.

• A) 24.0
• B) 26.0
• C) 32.5
• D) 52.0

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Definitions:

Marginal Expenditure Curve

A graphical representation that shows how total expenditure changes as the quantity of a good or service purchased varies.

Economic Rents

Earnings in excess of the economically or socially necessary cost of bringing a factor of production into use.

Supply Curve

A graphical representation showing the relationship between the price of a good or service and the quantity of that good or service that a supplier is willing and able to supply.

Demand For Land

The desire, backed by purchasing power, for the use or ownership of land, which is influenced by various economic and societal factors.