The Finite Population Correction Factor for the Standard Error of the Mean

question 70

Multiple Choice

The finite population correction factor for the standard error of the mean should be used when the ratio of the sample size to the size of population exceeds ________.

• A) 1%
• B) 2%
• C) 3%
• D) 5%

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Definitions:

Demand Curve

A graphical representation showing the relationship between the quantity of a good consumers are willing and able to purchase and its price.

Income

Money that an individual or business receives in exchange for providing a good or service or through investing capital.

Substitutes

are goods or services that can be used in place of each other, where an increase in the price of one leads to an increase in demand for the other.

Demand Curve

A graph showing the relationship between the quantity of a good or service that consumers are willing to buy and its price.