Which of These Options Provides the Best Interpretation of a 90

question 99

Multiple Choice

Which of these options provides the best interpretation of a 90% confidence interval estimate of the population mean ?

• A) If we repeatedly draw samples of the same size from the same population, 90% of the values of the sample meanswill result in a confidence interval that includes the population mean.
• B) There is a 90% probability that the population meanwill lie between the lower confidence limit (LC
• L) and the upper confidence limit (UC
• L).
• C) We are 90% confident that we have selected a sample whose range of values does not contain the population mean.
• D) We are 90% confident that 10% the values of the sample meanswill result in a confidence interval that includes the population mean.

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Definitions:

Opportunity Costs

The cost of an alternative that must be forgone in order to pursue a certain action; the benefits you could have received by taking an alternative action.

Trade-offs

The concept that in order to gain something, something else must be given up, reflecting the opportunity cost of choices and decisions.

Economic Growth

An increase in the amount of goods and services produced per head of the population over a period, reflecting improvements in the standard of living.

Scientific Method

A systematic process of observation, experimentation, and analysis used to advance knowledge in the sciences.