A Random Sample of Size 100 Is Taken from a Population

question 112

Multiple Choice

A random sample of size 100 is taken from a population described by the proportion p = 0.60.The probability that the sample proportion is less than 0.55 is _______.

• A) ≈ 0
• B) 0.1539
• C) 0.3669
• D) 0.8461

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Definitions:

Illegal Activities

actions that are forbidden by law and subject to criminal penalties.

Missed Opportunities

Potential benefits or gains that are forfeited when a choice is made over alternative options.

Quota Rents

Revenue earned by the holder of import quotas, calculated by the difference between the domestic price and the world price of the imported goods.

Equalibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price, where the quantity supplied equals the quantity demanded.