A Supermarket Administrator Suspects That Idle Time Is About 20

question 60

Multiple Choice

A supermarket administrator suspects that idle time is about 20 percent for the cashier and 15 percent for the office clerk.If the administrator wants a 95 percent confidence level (z = 1.96) and a degree of precision of + 0.05 for both cashier and office clerk,how many TOTAL observations are needed?

• A)fewer than or equal to 200
• B)greater than 200 but fewer than or equal to 300
• C)greater than 300 but fewer than or equal to 400
• D)greater than 400

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Definitions:

Equilibrium Output

The level of output at which the quantity of goods produced equals the quantity of goods consumed in an economy, with no external pressures to change.

Short-Run Aggregate Supply Curve

A graphical representation showing the positive relationship between the total production of goods and services (aggregate supply) and the price level in the short term.

Expansionary Gap

A situation where the real GDP is higher than the potential GDP, often leading to inflationary pressures as demand outstrips supply.

Price Level

The collective median of current prices for goods and services in the economy.