A Sample of 1,400 American Households Was Asked If They

question 10

Multiple Choice

A sample of 1,400 American households was asked if they planned to buy a new car next year.Of the respondents,34% indicated they planned to buy a new car next year.Construct a 90% confidence interval of the proportion of American households who expect to buy a new car next year.

• A) [0.3152,0.3648]
• B) [0.3191,0.3609]
• C) [0.3394,0.3406]
• D) [0.3354,0.3446]

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Definitions:

Equality-Efficiency Trade-Off

This concept deals with the balance or compromise between achieving a more equitable distribution of resources and maximizing economic efficiency.

Income Equality

A situation in which earnings are distributed evenly across members of a society, reducing income disparities.

Growing Income Inequality

The increasing gap in the distribution of income and wealth among individuals or households within a community or country.

Widening Wage Gap

The increasing difference in compensation between high-income and low-income workers.