Suppose That 20% of the Households in Alberta Have Incomes

question 103

Multiple Choice

Suppose that 20% of the households in Alberta have incomes in excess of $60,000. Assume that a random sample of 500 households in Alberta is taken. What will be the standard error of the sampling distribution of sample proportion of households that have incomes in excess of $60,000?

• A) 0.0003
• B) 0.0179
• C) 0.0256
• D) 0.1600

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Definitions:

Determinants of Market Demand

Factors that influence the total quantity of a good or service that consumers in a market are willing and able to purchase at various prices.

Change in Supply

An alteration in the quantity of a product that producers are willing and able to sell in the market, due to factors like changes in cost of production or technological improvements.

Quantity Supplied

The quantity supplied refers to the amount of a good or service that producers are willing to sell at a given price over a specified period.

Rationing Function

The process by which a scarce resource is distributed among competing users.