Students Who Graduated from College in 2010 Owed an Average

question 56

Multiple Choice

Students who graduated from college in 2010 owed an average of $25,250 in student loans.An economist wants to determine if average debt has changed.She takes a sample of 40 recent graduates and finds that their average debt is $27,500 with a standard deviation of $9,120.Use 90% confidence interval.Which of the following conclusion is correct?

• A) The average debt decreased.
• B) The average debt increased.
• C) The average debt has not changed.
• D) There is not enough information.

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Definitions:

Goods And Services

Products and activities that fulfill the needs or wants of consumers, where goods are physical items and services are intangible benefits.

Ethical Concerns

Matters or situations involving principles of right and wrong behavior that require individuals or organizations to evaluate and act according to ethical standards.

Market Segments

Division of a market into distinct groups of buyers with different needs, characteristics, or behaviors who might require separate products or marketing mixes.

Older Adults

Individuals who are in the later stages of their life, often considered to be 65 years of age or older.